Elon Musk is known for his love of memes. Every other day, he posts a meme on Twitter. He often stirred many controversies while doing so. Many of those memes happen to be related to cryptocurrencies. Today, while the cryptocurrency market dips, Elon chose to change his profile picture on his Twitter account and added a picture relating to a well-known NFT project. What happened specifically and will this affect the crypto market?
Elon Musk changes his Twitter Profile Picture into…
BAYC is an NFT project that made its way into traditional media thanks to its expensive-selling pictures of apes. Most NFTs were selling for millions, and many got rich trading them on secondary markets. On the other hand, many controversies sparked regarding buying and selling simple JPEGs.
Not everyone understood the technology behind the blockchain, which approves who the true owner of those pictures was. This includes Elon Musk, who recently changed his Twitter profile picture into a collection of BAYC pictures. He also tweeted: “I dunno…seems kinda fungible”, which shows how “unimpressed” he is with the current NFT trend of pictures.
I dunno … seems kinda fungible
Will the Crypto Market CRASH following Elon’s Tweet?
Elon Musk is known to post occasionally about cryptocurrencies. His previous posts did in fact have an effect of 5% up to even 10% on the market in the short-term, and even more in the medium term. Bashing NFT technology should definitely have an impact on the market. Specifically, crypto projects that are involved in smart contracts such as Ethereum, Cardano, and Solana.
On the other hand, the crypto market today is much more mature than before. The market already dumped by more than 40% since November 2021, which makes the crypto market currently heavily oversold.
