Meme Coin BOB Plunges 45% as Elon Musk’s Twitter Bot Labelled a “Scam”

The prices of meme coin BOB experienced a significant drop, reaching as much as 45% on Sunday.

The decline followed the suspension of its popular automated Twitter bot, @ExplainThisBob, after Elon Musk, the owner of Twitter, referred to the account as a “scam.”

Twitter also suspended another automated bot, @AskTheWassie, which operated similarly to @ExplainThisBob. Musk emphasized that promoting scams disguised as funny or helpful bots would lead to suspension, regardless of payment.

The suspension of the @ExplainThisBob account caused BOB prices to plummet from $0.000031 to $0.000016 on Sunday. Traders swiftly responded to Twitter’s actions, resulting in a market capitalization of $13 million.

However, the decline in BOB’s value has been ongoing since early May when it reached its peak capitalization of $74 million.

The automated @ExplainThisBob Twitter account gained rapid popularity in late April due to its clever summaries and humorous responses to tweets.

Elon Musk himself engaged with the Bob bot, even tweeting “I love bob” in April, which led to a quick surge in BOB’s price at that time. Musk continued to interact with the bot, praising its accuracy in political discussions as recently as June.

Musk recently announced that Twitter would take stricter measures to suspend accounts that appeared to manipulate the verification system or engage in misleading self-promotion or advertising. This announcement raised concerns among users, particularly those operating automated bots or engaging in similar practices.