​BOB meme token rate falls by 39% after Elon Musk’s statement about a “scam crypto account”

What’s new? Twitter suspended the account of the popular artificial intelligence bot Explain This Bob after the social network’s CEO Elon Musk said it was a “scam crypto account.” The ERC-20 Bob Token (BOB), a meme token associated with the project, reacted to the blockage by falling by 39,3%, from $0,00003103 to $0,00001881. As of June 19, 10:00 UTC, the coin’s rate rose to $0,00001915, according to aggregator CoinGecko.

This sure looks like a scam crypto account. If so, it will be suspended. — Elon Musk (@elonmusk) June 18, 2023

What is known about the bot? Explain This Bob’s Twitter account had over 400 000 followers before it was blocked. The bot was created by Indian developer Prabhu Biswal and used OpenAI’s GPT-4 model to understand and provide responses to tweets from those who tagged the account. The associated BOB token was launched in April.

Musk and the bot. On April 20, the businessman tweeted “I love Bob” in response to one of the bot’s tweets, which is also posted on the project’s website.

I love Bob — Elon Musk (@elonmusk) April 19, 2023

Twitter even suspended another bot called Ask The Wassie, a comic frog that worked similarly to Explain This Bob.

At the same time, Twitter took no action against the Bob Token account. The project team reacted humorously to the news of the bot being blocked by sharing a meme showing Musk watching an upset Bob in jail.

#FREEBOB pic.twitter.com/SOUm7opQ7o — Bob (@BobEthToken) June 18, 2023

Musk said that Twitter would block accounts that “try to game our verification system with non-sequitur self-promotion or advertise in a misleading way will be suspended.”

Accounts that try to game our verification system with non-sequitur self-promotion or advertise in a misleading way will be suspended — Elon Musk (@elonmusk) June 17, 2023

The hashtag #FREEBOB emerged after the blocking of the Explain This Bob account. Most on Twitter are of the opinion that BOB is not a scam coin. As one user noted, the blocking of a related project is not justified because the token launch was “fair” and the asset itself is “fully decentralized” and has no transaction fees.

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 contract0 tax0 team tokensFully decentralisedFair launchedCan you explain… pic.twitter.com/0U2nuUsyqB — Crypto Boss (CB) 😎 (@Cryptoboss2000) June 18, 2023

Earlier, Musk denied accusations of manipulating the rate of the Dogecoin (DOGE) meme token. He stated that he does not own any cryptocurrency wallets that could be linked to questionable transactions in the asset.