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Grape: Musk’s Rando Tweet about the Fruit Jacked up the Price of the GRAPE Token

source-logo  beincrypto.com 18 January 2022 04:43, UTC

Grape tweets: Crypto traders again took advantage of Elon Musk’s love for monosyllabic tweets as an excuse to pump another unknown token.

Everyone knows about grapes

The cryptocurrency community is in turmoil again. Early Sunday morning, January 16, multi-billionaire and Tesla CEO Elon Musk tweeted a picture from Wikipedia showing grapes with the caption “everyone knows what grapes are.”

“Very informative,” Musk wrote in a comment.

Commentators on Twitter immediately launched a competition for the wittiest interpretation of the message.

User @WokePC commented :

“Perhaps a new generation Tesla will run on grape fuel. I’m going to open a vineyard immediately.”

But there were also those who linked Elon Musk’s message to the GRAPE token:

“Oh my God, this is Grape Coin, go guys, go,” wrote someone under the nickname @fine_mesh.

Judging by the dynamics of the token, many heeded his advice.

A tweet consisting of just two words and an image of a fruit was enough for the price of the $GRAPE token to almost double in a matter of minutes.

GRAPE course. Source: CoinGeko

GRAPE started the day on January 16 at $0.047. However, four hours after Elon Musk’s tweet, they were already giving $0.078 for it. As expected, the pump did not last long. At the time of writing, GRAPE costs $0.06. During the day, the token fell by 5%, but on a weekly basis, it is still trading with an increase of 13%. The all-time high was reached on September 15, 2021 at $0.347, since then the coin has lost 82% of its value.

It’s happened before, and here it is again

Elon Musk is known for his monosyllabic tweets. The crypto trading community invariably interprets these tweets as support for one coin or another. Last week, the DOJO token went up 500%

 in just half an hour because Musk tweeted the word.

Despite the high volatility, the token is still 155% more expensive than a week ago.

In October 2021, Musk crashed the Shiba Inu token by 26% with his tweet. Experts believe that the reaction of the market to the tweets speaks of the immaturity of the market.

What is GRAPE

GRAPE is a token for the Grape protocol based on Solana. It offers users a set of tools with which to build communities within the Solana ecosystem.

The developers of the project claim that with Grape you can create any online community and organize it in your own way. One of the tools – GRAPE Access – binds social network accounts to unique cryptographic keys and issues permissions and access rights depending on how many coins are on the user’s balance.