• BOB was an AI chatbot created in April 2023 to provide concise explanations for tweets.
• It caught the attention of Elon Musk and its value went up by 5%.
• However, in June 2023, Musk accused it of being a scam and Twitter suspended it, leading to its price plunging by 45%.
What is BOB?
BOB was an AI chatbot created in April 2023 with the purpose of providing concise explanations for tweets on social media platform Twitter. It was developed by Indian programmer Prabhu Biswal and presented itself under the moniker “ExplainThisBob”. After catching the attention of billionaire tech entrepreneur Elon Musk, its value increased by 5%.
Musk’s U-turn On BOB
However, on June 18th, Mr. Musk did a 180 on BOB accusing it of being a scam. As a result, Twitter (which is owned by Musk) suspended BOB leading to its price plunging by 45%. This sudden shift may have been influenced by his recent distrust of AI in general.
The Impact Of The Suspension
Following the suspension of BOB, its adjacent token plummeted by around 45%, demonstrating how fragile meme coins can be when faced with unexpected events such as this one.
The Popularity Of Meme Coins
Meme coins have become increasingly popular amongst traders due to their entertaining and speculative nature – often resulting in intense price crashes or “go to the moon” scenarios.
Overall, this story highlights just how influential tech entrepreneurs like Elon Musk can be when it comes to influencing crypto markets. It also serves as a reminder that meme tokens are extremely volatile and susceptible to rapid changes in sentiment and market conditions at any given moment.