Science & Tech

Frog-themed memecoin tanks after Elon Musk calls it a 'scam crypto account'

Frog-themed memecoin tanks after Elon Musk calls it a 'scam crypto account'

Elon Musk called the Explain This Bob Twitter account a 'scam'

Scott Olson/Getty Images

Elon Musk has removed a popular Twitter chatbot linked to a cryptocurrency “memecoin” from the social media platform, prompting a crash in the token’s value and leading to a chorus of despair from its holders.

Prices of memecoin bob (BOB) have nearly halved in value since Musk branded its linked Twitter profile @ExplainThisBob a “scam crypto account” on 18 June, leaving investors complaining that they are out of pocket.

The Explain This Bob account was an artificial intelligence-driven chatbot which other Twitter users would tag under posts to explain what the original post meant. It had a profile picture inspired by the meme character Pepe the Frog and had amassed more than 400,000 followers before it was suspended.

One Twitter user, @DeFiDownsin, was particularly upset at Musk’s decision, claiming the billionaire had “single-handedly destroyed everything I had”.

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They added: “I was more than just a follower; I was all in on $BOB. I believed in its potential, its vision. It wasn't just about the money; it was about the hope it gave me.

"But now, it's all gone. With the suspension of that account, it feels like a part of me has been taken away. I'm left with nothing but an overwhelming sense of loss and despair.

“So, as I sit here, tears streaming down my face, I can't help but ask myself: What now? Where do I go from here? How do I rebuild my shattered life without the one thing that gave me hope?”

Another person said: “Free Bob he ain't do nothing wrong. Bob is innocent!!”

But one commenter pointed out: “If your entire life hinges on gambling on NFTs and Crypto, you have a problem and should not be spending money.”

The suspension took many Twitter users by surprise because Musk had previously had positive interactions with the account. The billionaire replied “I love bob” to an @ExplainThisBob post in April, causing a quick price surge at the time.

However, since then he has performed an about-turn on the issue. “Promotion of scams under the guise of being a funny/helpful bot will result in suspension. Doesn’t matter how much you pay us,” Musk tweeted on 18 June.

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