‘Explain This Bob’ native token jumps 1,000% in short span of listing
BOB Token (BOB), the native token of the Explain This Bob bot, witnessed a staggering surge of over 1,000% within a short span of its listing, helped by a supportive tweet from billionaire Elon Musk.
The latest meme coin in the market, BOB Token was launched in April 2023, gained attention of some high-profile investors, including Musk, who praised the virtual explainer’s responses and even went on to express his love for the token on Twitter.
The endorsement from Musk fuelled a bull run in the token price and in just two weeks, it witnessed a 4744% price surge, a 1000% growth in unique holders, and a tenfold increase in trading volume, as per a Binance report.
BOB Token hit its highest price of $0.00021819 on May 06.
At the time of writing, BOB Token was trading at $0.0000197, rising around 3% in the last 24 hours. Its 24-hour trading volume rose to $186.36 million and market cap increased to $13.61 million.
Also Read: Explainer: Here’s why SEC is going after Coinbase, Binance
The BOB Token is a meme coin featuring PEPE the Frog.
It is the meme token behind the “Bob Is Here To Explain” Twitter account, which is an AI bot that replies to anyone who tags @ExplainThisBob. Bob boasts that it can explain any tweets, gaining the attention of tech mogul Elon Musk.
On April 20, Musk responded to a Twitter user who criticized the platform’s refusal to pay Twitter API’s fees.
“I’m open to ideas, but ripping off the Twitter database, demonetising it (removing ads), and then selling our data to others isn’t a winning solution,” Musk replied.
Bob joined the conversation and explained Elon’s tweet. It wrote, “Twitter does not want to sell their database and the idea of taking away ads is not a good way to make money.”
To this, Musk replied back saying, “I love Bob.”
The Bob Token witnessed a massive rally after Musk’s tweet, gaining credibility. However, the price of the meme coin is significantly down by more than 90% from its high price hit on May 6.
Also Read: ‘Really an outlier,’ Coinbase CEO hits back at US SEC chair over agency’s lawsuit
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Updated: 14 Jun 2023, 05:50 PM IST
