BOB Price Plummets 45% After Elon Musk Calls Twitter Bot A Scam

Key Points:

• BOB price fell 45% following Twitter’s suspension of its automated bot, which Musk called a “scam.”
• Musk’s comments suggest increasing caution around promoting cryptocurrencies.
• Before its suspension, the @ExplainThisBob account had garnered over 400,000 followers on Twitter.

BOB price dropped 45% after Twitter suspended its automated bot, deemed a “scam” by Elon Musk. Musk’s comments suggest caution in crypto promotion.

The price of BOB, a meme coin, experienced a significant drop of nealy 45% following the suspension of its popular automated Twitter bot.

The suspension of the @ExplainThisBob bot came after Elon Musk, the owner of Twitter, called the account a “scam.” Twitter also suspended another automated bot called @AskTheWassie, which operated similarly to @ExplainThisBob.

This sure looks like a scam crypto account. If so, it will be suspended.

— Elon Musk (@elonmusk) June 18, 2023

BOB’s price has been in a nearly continuous slide since early May, when it reached a peak capitalization of $74 million. Before its suspension, the @ExplainThisBob account had garnered over 400,000 followers. The automated bot quickly went viral on Twitter in late April for its witty summaries and comedic responses to tweets.

Coincu previously reported that Elon Musk has already tweeted about BOB, which led the price of BOB to rise by more than 40% in a short period of time. The comments by Musk suggest that Twitter is becoming more cautious about promoting these types of assets.

I love Bob

— Elon Musk (@elonmusk) April 19, 2023

However, Musk said last week that Twitter would crack down and suspend accounts that seemed to “game its verification system” and “self-promote or advertise in a misleading way.”

Many people on Crypto Twitter are using the hashtag “FREEBOB” to protest the suspension of BOB’s automated Twitter bot. While some believe the ban is excessive, Musk has been vocal about his efforts to combat spambots on the platform.

The decline in BOB’s price may have been caused by traders who reacted to Twitter’s actions. However, it remains to be seen how BOB’s price will be affected in the long term.

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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