• BOB token was created in April 2023 and embraced by Elon Musk.
• In June, Musk accused the AI of being a scam and Twitter suspended it.
• The token plunged by about 45% in price after the suspension.
The Rise of BOB
In April 2023, Prabhu Biswal released an AI-based chatbot called BOB on the ERC-20 network with the purpose to provide concise explanations for tweets. It quickly gained traction among the Twitter community and even caught the attention of Elon Musk himself who expressed his approval via tweet. As a result, the value of BOB rose by 5%.
Musk’s Unexpected U-Turn
However, on June 18th, Elon Musk suddenly accused BOB of being a scam and asked Twitter (which he owns) to suspend it. This sudden distrust is likely due to his recent negative views on AI in general. In response to this decision, the price of BOB token plunged by around 45%.
Following Musk’s accusations and Twitter’s suspension, meme coins like BOB were seen as reckless investments with constant price crashes, scams, and absurd “go to the moon” scenarios. Despite this reputation however, these tokens have been known for their entertaining yet speculative qualities that keep investors interested regardless of its reputation.
The Future Of Meme Tokens
Meme tokens come and go all the time but each time they do so they usually leave behind a huge bang that makes people take notice one last time before they disappear into oblivion once more. While there is no telling what will happen with meme tokens such as BOB in future, its wild ride certainly serves as a cautionary tale for those looking to invest recklessly into cryptocurrency without proper research first.
While initially successful when it first launched in April 2023 with 400K followers and an endorsement from Elon Musk himself ,BOD quickly fell out of favour after being deemed a scam only 2 months later causing its value to drop drastically . Though meme tokens can be seen as reckless investments due to their high volatility ,they often leave behind an impression that keeps people wanting more which is why we should not be too quick to judge them just yet .