Memecoin Bob (BOB) Plunges After Elon Musk's Scam Allegations
Memecoin Bob (BOB) Plunges After Elon Musk's Scam Allegations
Memecoin Bob (BOB) plummeted after the suspension of its popular automated Twitter bot, following the scam allegations from Elon Musk.
The ERC-20 meme coin powers the bot designed to explain tweets in simple terms. The Twitter account is activated when tagged in the comment section of any tweet at his handler of @explainthisbob.
In a tweet, Musk called the Twitter bot a ‘scam’, and eventually suspended the account.
Moreover, he emphasized that any attempts to promote scams while masquerading as a humorous or supportive bot will lead to suspension.
Accordingly, Twitter took action by suspending @AskTheWassie, a comical frog account that functions similarly to @explainThisBob.
This news caused BOB prices to quickly decline from $0.000031 to $0.000019 at the time of writing. As traders reacted to Twitter’s actions, the meme coins’ 24-hour trading volume slumped by 32.32% to $22.00 million, as Coinmarket reported.
Bob shone in the spotlight to some Twitter users in late April due to his witty replies, resulting in a spike in the popularity of its native token in the crypto landscape.
Previously, Elon Musk tweeted “I love Bob”, driving a price surge on the token at that time. This was followed by other responses from the billionaire.
Last June 03, Musk posted his response to a political conversation, stating, "Once again, Bob nails it," to express his agreement.
However, Musk recently made an announcement that his social media platform would take stricter measures against accounts that engage in deceptive self-promotion or misleading advertisements.
Despite his actions, numerous market participants defend the meme coin and its account, causing the hashtag "FREEBOB" to go viral as a means of expressing their opposition against the Twitter owner.
