Elon Musk’s new favorite crypto? It sent ApeCoin soaring 22% in 1 hour By Investing.com

Investing.com – The new cryptocurrency, which only saw the light of day in mid-March but is already in the top 30, has been a hot topic since its inception. It is also one of the best performing cryptocurrencies on the market this Thursday, with a gain of more than 10% over 24 hours.

Specifically, it should be noted that the ApeCoin crypto began to take off yesterday around noon, from the $14.5 zone, to mark less than an hour after a peak at $17.64, an increase of almost 22%. The crypto then quickly reversed most of its gains, falling back towards $15, but then halted its decline and found itself at $16 on Thursday morning.

Elon Musk boosts ApeCoin with his Twitter profile picture (NYSE:)

As for the reasons for yesterday’s flash surge, they have to do with Elon Musk changing his profile picture on Twitter to an image featuring various avatars of Bored Apes’ non-fungible token collection, the project of which Apecoin is the cryptocurrency.

Recall that last week, the Apecoin cryptocurrency had already soared, peaking at an all-time high at $27.14 last Friday, after a rise of more than 130% over 10 days.

The move came a week after Bored Ape Yacht Club (BAYC) creator Yuga Labs announced that it would launch its metaverse, named Otherside, on Saturday (last) where ApeCoin will be used as a currency. exchange.

Apecoin then fell sharply despite the success of the Otherside metaverse’s NFT selloff, as traders “sold the news” after “buying the rumour” as the stock market adage goes.

This had brought the ApeCoin cryptocurrency back to $14 on Tuesday and Wednesday, before the rise resumed yesterday thanks to Elon Musk.

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