Key Takeaways:

The AI saw a modicum of success on Twitter in April 2023 and was even embraced by Elon Musk.

However, Musk suspended the AI in June 2023 after scam allegations.

In response, the adjacent BOB token plunged by about 45% in price.

YEREVAN (CoinChapter.com) — In general, meme coins have this relentless love with constant price crashes, scams, and absurd “go to the moon” scenarios. Yet, meme tokens have this entertaining and speculative quality that makes people look into them in the first place.

Meme coins come and go all the time. But each and every one of them likes to go out with a bang. And the so-called BOB token is no exception. Let’s dive into the fascinating schizo world of meme coins again and discover what BOB is or was about.

The Purpose Of BOB

BOB, originally outside of crypto use, is also a chatbot. Another love child of the recent AI revolution. The BOB token has been running on the ERC-20 network and has been up and running since April 2023.

Indian programmer Prabhu Biswal created BOB as an AI tweet explainer designed to provide concise explanations for tweets. At the time of its suspension, BOB AI had about 400,000 followers.

BOB could navigate through the surreal Twitter space and lingo in order to provide cohesive information and explanation about tweets. The chatbot presented itself under the moniker “ExplainThisBob.”

Loved At First

At first, the Twitter community embraced BOB since it provided a valuable service to Twitteratis all across the web. Eventually, it caught the attention of Elon Musk himself in April 2023. After seeing BOB AI in action, Musk was initially impressed.

That impression was expressed through a very simple tweet of approval. This tweet, in turn, made BOB rise by about 5% in value. This prop up is extremely logical because Elon Musk is famously known for his ability to influence the crypto market just with his Tweets alone.

I love Bob

— Elon Musk (@elonmusk) April 19, 2023

The Unexpected U-Turn

Then unexpectedly, On June 18, Mr.Musk did a 180 on BOB by accusing the AI of being a scam. Then Twitter, which is, by the way, owned by Musk, suspended BOB. Direct control in its full glory boys and gals. However, Musk’s recent distrust of AI in general somewhat explains this radical change in opinion.

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

— Elon Musk (@elonmusk) June 18, 2023

In reaction to this sporadic decision, the BOB token plunged by about 45%. It’s very likely that the crypto market took Musk’s accusations as an undeniable fact, which caused such a radical drop in the worth of BOB. However, BOB expressed its humorous take on the situation.

The technicals of the BOB token after the nose-dive of June 18, 2023. Source: TradingView

The Community Wants To Free BOB

After the suspension hashtag, #FREEBOB started to run around on Twitter since not everybody deemed Twitter’s decision as fair. The Twitter discussion spawned opinions that BOB doesn’t operate like a classical fraudulent meme coin. Additionally, it never launched any suspicious air drops prior to its launch.

Twiterrati CryptoBoss criticized the unjust suspension of BOB and questioned Musk’s decision and the logic behind it.

So does @elonmusk plan to provide any proof of $BOB being a scam or are we just expected to take his word for it?

Intrigued to understand what constitutes a scam crypto account @elonmusk?

Renounced contract
0 tax
0 team tokens
Fully decentralised
Fair launched

Can you explain… pic.twitter.com/0U2nuUsyqB

— Crypto Boss (CB) (@Cryptoboss2000) June 18, 2023

The Bottom Line

Meme coins are heavily dependent on social media narratives, and even a slight change of opinion can raise or lower the price. BOB AI and its token by proxy became a victim of this underlying logic behind meme coins, regardless of whether it’s fraudulent or not. In conclusion, be wary dear reader, and steer clear!

The post Another Meme Coin Named BOB Sinks 45% After Elon Musk Calls Its Chatbot A “Scam” appeared first on CoinChapter.

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Filed under: Bitcoin - @ June 22, 2023 2:30 pm