As Tesla creator Elon Musk put up a collage of Bored Apes as his Twitter profile image on Wednesday, ApeCoin (APE), the native token of the Bored Ape Yacht Club (BAYC) ecosystem, rose and then dropped throughout the European trading day.
After the move, APE, which is used to vote on community choices and other services inside the popular BAYC ecosystem, increased to $17.60, up from $14.40 this morning.
After a tweet from Musk at 11:13 UTC, in which he wrote “looks kinda fungible” without mentioning the new display picture, the token fell back to $15.90.
Musk is a supporter of the memecoin Dogecoin (DOGE) and has previously contributed to its development and promotion. He earlier remarked that displaying one’s non-fungible tokens (NFT) on one’s Twitter profile photo was “annoying.”
Musk, who just agreed to acquire Twitter in its entirety, warned in a tweet on Tuesday that business and government users of the social media platform may have to pay a fee.
Musk has previously been critical of NFTs, chastising Twitter Inc. — which he is slated to purchase — for prioritizing NFTs above the problem of bitcoin frauds on its platform.
It’s unclear whether Musk purchased a Bored Ape NFT or not. The image was “made for our Sotheby’s sale,” according to a tweet from Michael Bouhanna, an official at auction house Sotheby’s. Bouhanna tweeted, “Happy to email you the original file minted with the buyer approval.”
It’s possible Musk just right-clicked and saved the image to use as his profile photo. Musk’s avatar is merely a conventional profile image, despite Twitter having a specialized function that allows users to configure their NFT as a hexagonal display picture.
On the blockchain, NFTs are used to validate ownership of everything from digital art to sports memorabilia.