September 21, 2023

Memcoin BOB collapsed by 45% after Elon Musk's tweet

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1 min.

Memcoin BOB collapsed by 45% after Elon Musk's tweet

Prices for the BOB meme-coin fell by 45% in a day, after the owner of Twitter announced that the project's account on the social network was blocked.

Elon Musk himself links the account to some criminals:

“This certainly looks like a scam crypto account. If yes, then it will be blocked, ”the billionaire explained.

The value of BOB dropped from $0.000031 to $0.000016 after this announcement. Now, on Monday afternoon, June 19, the coin is trading at $0.000019.

According to data from Coingecko, BOB traded in the last 24 hours at approximately $7 million, down almost 65% from Sunday, June 18.

The maximum BOB price of $0.000218 was recorded in May. The current price is 91% lower, writes Coingecko.

The @ExplainThisBob account quickly becameviral on Twitter in late April thanks to witty tweets and comedic replies. Musk once responded to @ExplainThisBob with "I love Bob," which helped fuel prices to skyrocket. Since then, Musk has interacted with the bot several times. Most recently, in June, he tweeted, "Once again, Bob hit the spot" in response to a political discussion.

Investors have previously filed a lawsuit in federal court.Manhattan, stating that Musk used his influence on the Internet to manipulate the exchange rate of the meme cryptocurrency DOGE. The billionaire tweeted and used influencers to promote Dogecoin, and in 2021 spoke about memcoin on NBC's Saturday Night Live. These “publicity stunts” allowed Musk to profitably trade DOGE coins, the plaintiffs are sure. However, Musk strongly denies all accusations.