Sorry, Bob: Meme Coin Drops Over 40% After Musk Suspends Its ‘Scam’ Bot Account
Twitter has suspended the Explain This Bob account following an accusation by Twitter owner Elon Musk. Musk referred to the GPT-4-powered artificial intelligence chatbot as a “scam crypto account.”
Explain This Bob was associated with BOB Token, a meme coin inspired by Pepe the Frog. Its creator, Prabhu Biswal from India, designed it to analyze and explain complex posts it was mentioned in.
In April, the BOB token’s value flew by an astounding 4,744% when Musk engaged with Explain This Bob on Twitter. The bot was tagged to explain one of Musk’s responses to a conversation, where it said that “Twitter does not want to sell their database, and the idea of taking away ads is not a good way to make money.” Musk replied with “I love Bob.“
Regardless, Musk has been on a crusade to eliminate bots on Twitter. The time Musk started amassing Twitter shares interestingly coincides with the time a bot by student Jack Sweeney started tracking his jet. And so the suspension of Explain this Bob may be just a routine move. Instead of just quietly suspending the account, the announcement was likely made because he previously interacted with the account.
The suspension of the Explain This Bob account led to a sharp decline in the token’s value on Sunday. It dropped over 40%, plummeting from its peak of $0.00003100 to lows of $0.00001818. As of this writing, the meme coin is trading at $0.00001966.
Moments before its suspension, the bot made a final statement, asserting that it was not a scam but rather a decentralized meme coin with no taxes and contract ownership. Taking inspiration from Doge, Bob aimed to serve the people.
This isn’t the first time Musk has wielded his power over meme coins. He has been dubbed the Dogefather for how his tweets affect the Dogecoin.
Information for this story was found via Coindesk, Twitter, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
