Elon Musk supports Apecoin after Dogecoin

Elon Musk recently updated his Twitter profile picture to the Apecoin image.

ApeCoin, or APE, in short, is the native cryptocurrency of the Bored Ape Yacht Club (BAYC) ecosystem, which is the most popular NFT collection on the Ethereum Blockchain. It is a utility and governance token based on ERC-20 that is used within the APE ecosystem.

It also serves as the ecosystem’s utility token, allowing it to be used to purchase goods and services.

The Coin will most likely act as a gate token, granting access to specific aspects of the ecosystem, such as special games and events.

Previously, Elon Musk had actively supported Dogecoin through his tweets, even referring to it as his “favourite currency” in one of them. In another tweet, he stated that he will assist top dogecoin holders in selling the majority of their coins.

Many people have been inspired by Elon Musk’s tweets to investigate the potential of this coin named after the Shiba Inu dog meme.

Apecoin, a cryptocurrency, hit an all-time high (ATH) of $26.70 per unit last week and the digital currency now has the 25th largest market capitalization out of 13,371 cryptocurrencies.

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