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On Twitter, Elon Musk once again intervened in the crypto sphere, accusing the Artificial Intelligence (AI)-based account, “Explained This Bob,” of being a crypto scam.
After the account was suspended on the social network, the BOB memecoin experienced a 30% price dump.
Elon Musk accuses the account of crypto scam and suspends it from Twitter
The celebrated CEO of Tesla, SpaceX and still owner of the social network of crypto-lovers, Twitter, Elon Musk, has again intervened in the cryptocurrency world.
And indeed, over the weekend, Musk identified the “Explained This Bob” account as a crypto scam, and soon after Twitter suspended it.
This sure looks like a scam crypto account. If so, it will be suspended.
— Elon Musk (@elonmusk) June 18, 2023
Explained This Bob is a somewhat special Twitter account. It was created by Indian Prabhu Biswal who used OpenAI’s GPT-4 model, and he managed to accumulate over 400,000 followers before it was suspended.
The account is linked to the new BOB memecoin, which Musk himself reportedly shared his appreciation for last April:
I love Bob
— Elon Musk (@elonmusk) April 19, 2023
Yet, at the time of writing, the account is no longer on the social network.
Elon Musk and the suspension of the Twitter account: the rebellion of BOB’s followers
Clearly, with action comes reaction. The move by Musk and his social network did not go unnoticed, so much so that followers of crypto BOB and his AI-based account, Explained This Bob, rebelled with several memes.
The one from the Bob account, depicts Elon Musk himself controlling the captive Bob. This meme sparked the circulation of the hashtag #FREEBOB:
#FREEBOB pic.twitter.com/SOUm7opQ7o
— Bob (@BobEthToken) June 18, 2023
Against the dictator, who everyone knows who is #FREEBOB
— hmdcrypto.eth ⛩ (@hmd_crypto_x100) June 18, 2023
🔥the $BOB army is preparing to break the dictatorship
🔥 like & rw to fight pic.twitter.com/GArNAfrwS1
Someone also quoted Musk’s belief based on “free speech” as follows:
Suspending Twitter bots that are affiliated with cryptocurrency projects is not freedom of speech.#FREEBOB pic.twitter.com/vtqMPrMAuG
— Aleekk (@aleekk0) June 18, 2023
The -30% price dump of the BOB memecoin
The price of the BOB memecoin linked to this decision by Musk and Twitter experienced a -30% price dump.
While BOB was worth $0.00003181 on Saturday, the price dump on Sunday dropped it to $0.0000182. At the time of writing, BOB is worth $0.0000191.
BOB had won over the investing public in early May, when its price hit its all-time high (or ATH – All-Time High) at a price of $0.0001938, a full 1000% higher than its current price.
In contrast, the quintessential memecoin Dogecoin (DOGE), Elon Musk’s favorite crypto, experienced a price pump&dump during the day on Saturday.
The price of DOGE rose from $0.062 to near $0.64 and then dropped to $0.061. At the time of writing, DOGE is worth $0.062.