Elon Musk's comments are influencing the crypto industry once again.
Elon Musk, the Tesla and SpaceX magnate, sparked controversy on Twitter after criticizing a well-known AI bot associated with memecoin. On June 18th, Musk's remarks led to the suspension of the memecoin-linked bot.
Dubbed "Explain This Bob," the bot utilizes the advanced GPT-4 model from OpenAI to interact with other users and is the creation of a developer from India, Prabhu Biswal.
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The "Explain This Bob" account had gained the attention of over 400,000 followers before Twitter took action, spurred by Musk's claim that it was a "scam" crypto account.
Ironically, this stance is a clear departure from Musk's previous admiration for the bot, expressed in an "I love Bob" tweet in April.
Adding to the intrigue, the bot was affiliated with an ERC-20 memecoin named Bob Token (BOB) launched just two months ago. Unsurprisingly, the abrupt suspension caused BOB's value to plunge by more than 30%.
Despite the blow to BOB, Twitter has yet to act against the account dedicated to the Bob Token itself.
The Bob Token's team light-heartedly addressed the incident by sharing a meme depicting Musk keeping a sorrowful "Bob" under surveillance in a jail cell.
This development has influenced some onlookers to speculate that Musk suspects "Explain This Bob" is being utilized as a promotional tool to bolster BOB's market price. At the time of writing, BOB retails for $0.00001947, recording almost a 1% decrease in the last 24 hours.
This is not the first time Musk's actions have impacted the digital space. At the beginning of May, a tweet by Elon Musk featuring a Milady non-fungible token (NFT) meme led to a dramatic increase in the collection's floor prices.
As the dust settles on this unexpected turn of events, it remains clear that the power of high-profile figures like Musk to influence the crypto world is substantial and enduring. The fate of BOB, and the broader implications for other tokens, is a story that will continue to unfold in the unpredictable world of cryptocurrencies.
