Prices of meme coin BOB (BOB) slid as much as 45% on Sunday as Twitter suspended its popular automated bot @ExplainThisBob after Elon Musk called it a scam. Another automated bot, @AskTheWassie, was also suspended. Musk tweeted that Promotion of scams under the guise of being a funny/helpful bot will result in suspension. Data shows BOB prices quickly fell from $0.000031 to $0.000016 on Sunday, reaching a market capitalization of $13 million. This is a significant drop from its peak capitalization of $74 million in early May.
The @ExplainThisBob account had gone viral in late April for its witty summaries and comedic responses to tweets. Musk had even replied I love BOB to an @ExplainThisBob tweet in April, aiding a quick price surge at the time. Musk had also engaged several times with the BOB bot since then, tweeting as recently as June that Once again, BOB nails it, in response to a political discussion.
However, Musk said last week that Twitter would crack down and suspend accounts that seemed to game its verification system and self-promote or advertise in a misleading way.