The cryptocurrency market has been buzzing with activity following a recent viral social media post on June 6, 2025, by a prominent NFT influencer, Kekalf, The Vawlent, on Twitter. The post, captioned 'Enjoy the show!' and accompanied by engaging visuals, has sparked significant attention within the crypto and NFT communities, driving sentiment and trading activity. This event comes at a time when the broader stock market is experiencing volatility, with the S&P 500 dropping by 1.2 percent on June 5, 2025, due to concerns over inflation data as reported by major financial outlets like Bloomberg. This stock market dip has had a ripple effect on risk assets, including cryptocurrencies, as investors reassess their portfolios. Bitcoin (BTC), for instance, saw a price decline of 2.3 percent within 24 hours of the stock market drop, falling from 71,200 USD at 9:00 AM UTC on June 5 to 69,560 USD by 9:00 AM UTC on June 6, according to data from CoinGecko. Ethereum (ETH) mirrored this trend, declining by 2.1 percent from 3,850 USD to 3,770 USD in the same timeframe. Meanwhile, NFT-related tokens like ApeCoin (APE) surged by 4.7 percent to 1.28 USD as of 10:00 AM UTC on June 6, likely fueled by the viral Twitter post amplifying interest in the NFT space. The interplay between stock market movements and crypto sentiment is evident, as risk-off behavior in traditional markets often pushes capital either out of or into speculative assets like crypto, depending on retail and institutional reactions. This event underscores how social media can act as a catalyst in an already sensitive market environment shaped by macroeconomic pressures.

From a trading perspective, the viral Twitter post by Kekalf has created short-term opportunities in NFT-related tokens, while the broader stock market downturn poses risks for major cryptocurrencies like Bitcoin and Ethereum. Traders should note that ApeCoin (APE) trading volume spiked by 38 percent to 62 million USD in the 24 hours following the post, as reported by CoinMarketCap data accessed on June 6 at 11:00 AM UTC. This suggests strong retail interest, potentially offering a scalp trade opportunity on the APE/USDT pair with a tight stop-loss below 1.25 USD. Conversely, Bitcoin’s price action near the 69,500 USD level is critical, as a break below could signal further downside to 68,000 USD, a key support tested on May 30, 2025, per TradingView charts. Ethereum’s trading pair with Bitcoin (ETH/BTC) has also shown weakness, dropping to 0.0542 at 12:00 PM UTC on June 6 from 0.0545 the previous day, indicating ETH underperformance against BTC during this risk-off period. The correlation between stock market declines and crypto is evident, as the Nasdaq 100 also fell 1.5 percent on June 5, aligning with BTC and ETH losses. This cross-market dynamic suggests that institutional money may be flowing out of risk assets broadly, though NFT tokens seem insulated due to retail hype. Traders can monitor S&P 500 futures for directional cues on crypto majors, as a recovery above 5,300 points could stabilize Bitcoin near 70,000 USD.

Technical indicators further highlight the mixed market conditions. Bitcoin’s Relative Strength Index (RSI) on the daily chart sits at 48 as of 1:00 PM UTC on June 6, per TradingView data, indicating neutral momentum with room for downside if stock market sentiment worsens. Ethereum’s RSI is slightly lower at 46, reflecting similar bearish pressure. On-chain metrics from Glassnode show Bitcoin’s active addresses dropped by 5 percent to 620,000 on June 5 at 8:00 PM UTC, signaling reduced network activity amid the price dip. Meanwhile, ApeCoin’s on-chain transaction volume rose by 25 percent to 18.4 million USD on June 6 at 2:00 PM UTC, aligning with the Twitter-driven hype. The correlation between stock and crypto markets remains strong, with a 30-day rolling correlation coefficient of 0.78 between Bitcoin and the S&P 500, as noted in recent analyses by CoinDesk. Institutional impact is also visible, as outflows from Bitcoin ETFs reached 120 million USD on June 5, per BitMEX Research, reflecting risk aversion tied to stock market declines. For NFT tokens, however, retail-driven momentum could persist, offering breakout trades if ApeCoin holds above 1.30 USD. Traders should remain vigilant, as a deeper stock market correction could eventually pressure even niche crypto sectors, while social media catalysts like Kekalf’s post can provide temporary upside in specific tokens.

FAQ:
What caused the recent surge in ApeCoin (APE) price?
The surge in ApeCoin price by 4.7 percent to 1.28 USD as of 10:00 AM UTC on June 6, 2025, was likely driven by a viral Twitter post from influencer Kekalf, The Vawlent, which amplified interest in the NFT space and boosted trading volume by 38 percent to 62 million USD within 24 hours.

How are stock market declines affecting Bitcoin and Ethereum?
Stock market declines, such as the S&P 500’s 1.2 percent drop on June 5, 2025, have led to risk-off behavior, causing Bitcoin to fall 2.3 percent to 69,560 USD and Ethereum to drop 2.1 percent to 3,770 USD by 9:00 AM UTC on June 6, reflecting strong correlation with traditional markets.