ApeCoin (APE) gained bullish momentum after Elon Musk, CEO of Tesla and owner of SpaceX, changed his Twitter profile picture to a collage of various Bored Ape NFTs. The centerpiece of the image appeared to be a rare BAYC ape with a golden fur trait.
At the time of writing, APE was trading at $15.81, up 3.25% after reaching a daily high of $17.55. Musk’s change helped the token break part of the recent downward trend. Sales activity for the Bored Ape Yacht Club (BAYC) collection also increased following the profile update.
Musk responded to the image with the comment: “I dunno … seems kinda fungible.”
I dunno … seems kinda fungible
— Elon Musk (@elonmusk) May 4, 2022
April was among the strongest months for APE, as traders anticipated initiatives from Yuga Labs, the creator of Bored Ape, and the launch of a new metaverse project called Otherside. Despite those developments, the token’s price experienced dips even as Yuga Labs attempted to sustain the rally.
Criticism from the head of digital art at Sotheby’s
Musk’s profile picture choice prompted controversy when Michael Bouhanna, head of digital art at auction house Sotheby’s, claimed Musk used an image created for their sale without permission. Bouhanna asked Musk to remove the profile picture or credit him, saying he could provide the original file that had been minted with the buyer’s approval.
@elonmusk as much I admire your work I’d like you to remove your pfp that I created for our Sotheby’s sale. Or you credit me 😂. Happy to send you the original file minted with the buyer approval 🫡 pic.twitter.com/e83ZyxWGH5
— Michael Bouhanna (@michaelbouhanna) May 4, 2022
Possible MoonPay involvement in the BAYC acquisition
Rumors circulated that Musk owned a BAYC NFT, but OpenSea listings suggested the BAYC image was associated with MoonPay. A photo also circulated showing Musk with MoonPay’s team, indicating he had met representatives from the company a few days before the BAYC image appeared as his profile picture.
If Musk confirms that MoonPay was used to acquire the NFT, his profile would appear among BAYC holders who purchased NFTs through MoonPay’s services.
Over recent months, MoonPay has emerged as a fast-growing and preferred channel for purchasing blockchain and crypto-powered digital collectibles. High-profile figures such as Post Malone and Jimmy Fallon have reportedly used MoonPay for crypto and NFT transactions. MoonPay has also launched a concierge service enabling prominent individuals to buy crypto and NFTs through referrals.