Elon Musk is no stranger to making odd tweets that inadvertently affect the prices of major crypto assets and stocks. His latest mentioned ‘APT,’ the symbol used for the web3-focused Aptos.
The tweet in question mentions ‘AI’ and ‘APT.’
Elon Musk deleted the tweet shortly after spurring interest from the cryptocurrency community, but a screenshot can be found below:
Aptos Gets an Unexpected Boost
APT jumped nearly 8% to reach $13.68 directly following the tweet. But after Musk deleted it, the price dropped back $12.77.
Despite all of this, the Aptos token is still about 33% below its all-time high price of $19.92, achieved in January this year. The token clocked a 24-hour trading volume of almost $460 million, according to CoinGecko.
Millions of Aptos tokens were unlocked on April 12, boosting the number of tokens in circulation. Estimates placed the unlock’s value close to $50 million, underscoring its price ahead of the event.
However, 84% of Aptos’ total supply (842.74 million APT) is still locked, according to Token.unlocks. The next token unlock is due in 27 days.
Elon Musk Effect
Musk’s since-deleted tweet sparked a meme fest and some community confusion. Why Musk added Aptos to AI and OTT caused several users to be perplexed.
The Tesla CEO has frequently discussed the risks that advancing AI poses to civilization. Last year, the billionaire also contrasted The Pirate Bay’s success with that of other OTT services like Netflix and Prime.
While some people dismissed his pick of Aptos as “just Elon things,” others were intrigued by the possibility of a “plot.”
Meanwhile, Twitter continued to get new functionality to beat the competition. Musk confirmed in a separate thread on Friday that the micro-blogging site could soon get the functionality of encrypted messages.
Earlier this month, Dogecoin got a big bump when Twitter replaced its familiar logo with the cryptocurrency’s emblem of a Shiba Inu dog’s head and torso. And in around four days, Dogecoin lost nearly 10% on the daily charts after the social media giant reverted its home button to the recognizable blue bird.
The ‘Musk Effect’ of being able to move the prices of assets has often made headlines and has also gotten the CEO into hot water with the SEC.
This is a developing story that will be updated as more details emerge.
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