The price of APE coin is surging nearly 13% this morning in early crypto-trading action after the controversial head of Tesla and SpaceX, Elon Musk, changed its profile picture on Twitter to a mosaic of multiple non-fungible tokens (NFTs) of the popular Bored Ape Yacht Club (BAYC) project.

APE is the name of the official digital token of Yuga Labs and its purpose is to strengthen the ecosystem created by this developer including its recently launched Otherside metaverse and lucrative NFT projects.

Any signs that Musk is getting involved in a particular crypto project tend to push the price of the respective digital asset higher and this is the reason why this new profile picture is drawing attention to this ERC-20 token.

Shortly after changing the picture, Musk tweeted: “I dunno … seems kinda fungible”, possibly referring to the fact that he was able to use pictures that are supposedly worth millions of dollars without the explicit permission of their owners.

Musk has advocated for other crypto projects in the past including the so-called “meme coin” Dogecoin (DOGE), whose price skyrocketed shortly after the billionaire engineer tweeted a picture of a dog accompanied by the phrase “Dogecoin rulz”.

Mr. Musk has clarified that he does not have a direct relationship with the Dogecoin Foundation but he did acknowledge that he holds an undisclosed amount of it.

The Acquisition of Twitter Has Increased Musk’s Influence

The head of SpaceX recently acquired Twitter for $54.20 per share in a leveraged buyout that forced the entrepreneur to sell around $8.4 billion of his Tesla holdings while raising another $12.5 billion from Morgan Stanley in the form of a margin loan.

Since then, he has tweeted multiple comments that could be signaling what he plans to do with the popular social media platform after the takeover is completed.

His first tweet after reaching an agreement with Twitter’s Board of Directors emphasized the importance of free speech and his stand against censorship.

Later on, Musk tweeted some thoughts about a recently launched competitor to Twitter known as “Truth Social” – a project backed by former President of the United States Donald Trump. He commented that this new social media project only existed because Twitter opted to censor free speech.

He also said that Twitter “must be politically neutral” and encouraged users to make the platform “maximum fun”.

Finally, Musk said that even though Twitter will always be free to “casual users”, the service may come at “a slight cost” for commercial and government entities.

All these recent comments appear to be pointing to the fact that Musk is not happy with the way the platform works now and that he is not planning to sit back and watch what happens.

In fact, his remarks could be evidence that he will opt to take a hands-on approach to make Twitter a better place – at least from his personal standpoint.

A close look at the price action of APE

ape coin

APE/USD price chart – 1-day candles with multiple indicators – Source: TradingView

APE coin is a young token whose price action goes back only a month and a half and that makes it difficult to provide a sound technical assessment of the price action.

However, despite this morning’s uptick, the outlook for the token remains bearish as both the Relative Strength Index (RSI) and the MACD are standing in neutral-to-bearish territory with the latter indicator recently drifting below the signal line.

That said, Wallet Investor, a third-party forecasting service has a different view as the algorithm’s opinion about the short-term outlook of the coin is bullish based on an assessment of its price action in the past 30 days.

Meanwhile, this same service is predicting that the price of APE could rise to $30.5 per coin a year from now resulting in a 93% upside potential if that target is hit.

Crypto assets are highly volatile unregulated assets. Your capital is at risk.