Elon Musk Hits a Memecoin! 45 percent drop

Elon Musk has suspended his Twitter account associated with BOB, a PEPE-like memecoin.

Memecoins are going through tough times after the PEPE rush. PEPE, which gained rapid popularity, could not recover after Binance listing. The frenzy created by PEPE has also launched many similar memecoins. One of them, BOB, reached a market value of close to one hundred million dollars in a short time.

Twitter boss Elon Musk targeted the Twitter account ExplainTheBob, which is associated with the BOB token. Musk suspended the account, saying that this account was a crypto scam.

BOB by Elon Musk!

A move by Twitter boss Elon Musk led to a close to 45 percent drop in the popular memecoin. Musk implied that the Twitter bot account ExplainTheBob is a scam. In addition, Musk announced that this account will be suspended.

Twitter account ExplainTheBob garnered a lot of attention for using the same figure as BOB and passively advertising BOB. His Twitter account featured the BOB figure. BOB token, which uses a similar figure, experienced a strong rise and joined the PEPE trend. For a while, Musk even responded to a tweet from ExplainTheBob, expressing his love for BOB.

However, Musk had this Twitter account closed the other day, arguing that it was related to fraud. After this move, the associated token, BOB, lost close to 45 percent. BOB investors were stunned by what happened.

Looking at CoinGecko data, BOB was moving around $0.00003013 at the time Musk tweeted. Musk’s tweet impact brought BOB as low as $0.00001818. BOB, which has experienced a loss of value close to 45 percent, is trying to recover.