Elon Musk Purges Scam Memecoins On Twitter

Key Points:

• Twitter has suspended the popular memecoin-linked artificial intelligence-powered bot’s account after Elon Musk said it was a fake cryptocurrency account.
• The bot was associated with the ERC-20 memecoin BOB, which was created in April 2023.
• It is worth noting that Elon Musk has previously tweeted shill BOB.

The memecoin community recently erupted after Elon Musk openly declared that the Twitter accounts of memecoin BOB and WASSIE were scammers and verified that these accounts would be banned.

Musk implied the account was a hoax in a tweet in response to the bot on June 18; the account was suspended shortly after.

#CryptoNews: #Twitter has suspended the account of the popular memecoin-linked artificial intelligence-powered bot “Explain This Bob” after #ElonMusk alleged it was a “scam crypto account.”

— CoinMarketCap (@CoinMarketCap) June 19, 2023

It’s worth remembering that Elon Musk has already shilled for BOB on Twitter. He specifically tweeted, “I love Bob.” This led the price of BOB to rise by more than 40% in a short period of time.

Before its termination, the Explain This Bob’s followers account had garnered over 400,000 followers. Prabhu Biswal from India constructed the bot, which utilized OpenAI’s GPT-4 model to interpret and respond to tweets from users who tagged the account.

The initiative was also tied to the April launch of the ERC-20 memecoin Bob Token (BOB). The suspension drove the price of BOB down by more than 30%.

Despite the suspension, the hashtag “FREEBOB” has been trending on Crypto Twitter, with many claiming that BOB is not a scam currency and that the ban is excessive. Musk has been open about his attempts to battle spambots on Twitter.

gm legends.

CT's most talked and beloved meme project is still in the gulag.

Will $BOB be free this week?

Hopefully we see further clarity from Elon over the coming days. #FREEBOB pic.twitter.com/1gMMbGHvqK

— Fitz (@0xFitz) June 19, 2023

After getting “slapped in the face” by Elon Musk, the price of these two memecoins has dropped precipitously.

Memecoins had a “crazy” month in May of last year. Popular memes such as PEPE, BOB, and others have grown fast, driving a flood of investors to pour money into the meme craze. As a result, gas costs on Ethereum have skyrocketed, and the Bitcoin network has often been clogged as a result of having to process too many transactions.

Yet, memecoin is a high-risk investment that requires careful study and money allocation. The reason for this is that whenever memecoins reach a high or low point, a slew of memecoin scammers emerges to steal money from people.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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