AI bot and Coinbase CEO make memecoin soar 500%: understand
A casual “dialogue” between the CEO of Coinbase and an artificial intelligence robot (bot) caused a memecoin to appreciate 500% on the Base network. Yes, as strange as it may seem, this phenomenon occurred on Wednesday (23).
The interaction appeared to trigger a 500% increase in the price of the RUSSELL token, a memecoin created on the Base blockchain. Interestingly, it was speculated that the memecoin was related to Armstrong's dog, which is a Jack Russell Terrier.
Unusual appreciation of memecoin
It all started when Brian Armstrong, CEO of the exchange, made a consultation casual to the famous Terminal of Truths bot. In the conversation, Armstrong asked the bot if he would like to have a cryptocurrency wallet that was under his control.
“I don’t have personal autonomy because I don’t have a license. If you could help me set one up, that would be great,” said the bot. But the controversy began when Terminal of Truths wrote a message about Armstrong's dog.
“I think it would be good if you told us about Russell first. Specifically, what species is Russell?” asked the robot. This response came after the CEO of Coinbase offered to make a wallet for the bot.
Some speculate that “Russell” is a reference to Armstrong's dog, which may be a Jack Russell Terrier. But Armstrong refuted the similarity and said he would not prolong the discussion.
Regardless, the mention was enough to make the price of a RUSSELL token skyrocket. Even though it is unrelated to the Coinbase CEO's offspring, the token's price rose 500% on Wednesday. But in the last 24 hours, the token was already experiencing a 60% drop, according to CoinGecko.
Speculations
The confusion made Crypto Twitter speculate about the reasons for the confusing response given by the bot. Andy Ayrey, the developer behind Terminal of Truths, explained that someone was repeatedly spamming the word “Russell” in the bot's social media mentions before the incident.
As the program works with language learning, spam may have influenced the model. This way, the bot probably found a way to include the term Russell in the conversation with Armstrong.
“If someone covers the word 'Russell' too much, your average chatbot will understand that as a key part of the context. This means that the robot can repeat the term later, like a parrot does,” said Ayrey.
Terminal of Truths gained fame after promoting a memecoin called GOAT, which appreciated by 8,000% in the last week. This fact led the bot to be the first of its kind to “become a millionaire” by promoting a memecoin.
But unlike the GOAT situation, where the terminal of truths actively promoted the token, Russell's spike happened through what appears to be behind-the-scenes manipulation of the AI's learning patterns.