ApeCoin, the cryptocurrency linked to the Bored Ape Yacht Club, has had a volatile morning.
Once Elon Musk changed his Twitter profile picture to a collage of Bored Ape NFTs (though not the actual NFTs themselves), ApeCoin soared 19% on Wednesday and hit a 24-hour high of $17.46, according to CoinGecko.
Then, things took a turn when Musk tweeted, “I dunno…seems kinda fungible,” at around 7 a.m. EST on Wednesday, seemingly joking that non-fungible tokens may not be, well, so non-fungible, or unique and unreplicable.
Following Musk’s tweet, ApeCoin started to fall, and as of Wednesday at 10:35 a.m. EST, was trading at around $15.26.
Aside from today’s rollercoaster, ApeCoin has had a rough week.
Over the weekend, Bored Ape creator Yuga Labs made $320 million selling “Otherdeeds,” Ethereum-based virtual land deed NFTs for its yet-to-be released, highly-anticipated metaverse project “Otherside.” Purchases could only be made with ApeCoin, a cryptocurrency that is technically separate from Yuga Labs, but has been adopted by the company for the Bored Ape ecosystem.
However, the sale came with a lot of problems. Ethereum became so congested with transactions that the blockchain was pretty much unusable for hours, and users were left spending thousands on fees on failed transactions. This took a toll on the price of ApeCoin.
Although ApeCoin surged 50% and hit an all-time high on Thursday of $26.70 in anticipation of the Otherdeeds sale, it sank afterward on Monday.
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