Altcoin
Analyzing BOB’s future after run-in with Elon Musk
Posted:
| Last updated: July 31st, 2024
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- Elon Musk shone a negative spotlight on Twitter account promoting BOB.
- BOB gave up recent gains after becoming the latest victim to FUD.
The BOB meme coin delivered an impressive run-up last week, registering gains of 80%. That performance may have earned it the meme coin spotlight, but recent developments may sabotage BOB’s future.
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BOB’s rally last week was quite significant for one major reason. It appeared to have gained favor from the meme coin gods, hence priming it for a potentially interesting performance in the second half of June.
However, BOB has already given up the gains achieved last week, and Elon Musk may be the reason why.
Elon Musk recently noted that a Twitter account promoting BOB had scam-like tendencies. The Twitter head promised to suspend the account if investigations proved that it was a scam.
This sure looks like a scam crypto account. If so, it will be suspended.
— Elon Musk (@elonmusk) June 18, 2023
The account has since been suspended. As a result, the BOB token found itself in the crosshairs of FUD. This may explain why its price action has since been bearish.
BOB traded at $0.000018 at press time, which means it is once again trading within its 4-week lower range.
Source: TradingView
Will BOB reclaim its glory?
The suspended account is no doubt a setback for BOB’s bullish prospects. The fact that an account promoting it has been suspected to be a scam introduces a level of controversy that may dent any future prospects.
Such a situation has the potential to discourage potential investors from buying into a specific asset.
The crypto market experienced significant growth in the meme coin segment in the last few weeks. This is because investors have been looking for easy gains, and meme coins offer such opportunities, thus shifting the liquidity tide.
Read BOB’s Price Prediction 2023-24
However, BOB’s woes do not mark the end of the road. A look at its past performance revealed that last week’s rally and retreat was a minor splash compared to its large price spike in May.
Source: Coinmarketcap
Any possible major rally might be delayed now that BOB was experiencing FUD at press time. Fans of this budding meme coin may want to exercise caution now that the Twitter account promoting BOB has been linked to scam content.
