Tesla and SpaceX CEO Elon Musk has once again proved just how volatile and unstable the crypto market is by pumping and dumping the price of apecoin (APE) in a matter of one hour. On Wednesday, May 4, the Tesla CEO changed his Twitter avatar to a collage featuring cartoon apes from the Bored Apes Yacht Club NFT collection.

[img]

Elon Musk's Twitter profile as of press time. Source: twitter.com

At that time, Elon made no comments on the matter but it was enough for the market to pump APE price by 20% up to $17.46, according to data from CoinGecko.

[img]

APE price as of press time. Source: twitter.com

But later, Musk posted a tweet laughing off NFTs' fungibility:

I dunno … seems kinda fungible

The tweet almost immediately triggered a sell-off, dumping APE's price by over 10% to ~$15.57. But the real drama began later when Michael Bouhanna, Director, Specialist Contemporary Art & Co-Head of Digital Art Sales at Sotheby's, said that Elon Musk used the collage that was made for Sotheby's sale without any approval:

At the time of writing, Musk made no comments regarding the matter. Earlier, To The Moon reported that Yuga Labs, the firm behind Bored Apes Yacht Club, sold over $300 million worth of virtual land plots for its new metaverse hub called "Otherside" and triggered a massive surge of fees on Ethereum.

Read also: Elon Musk buys Twitter