An email newsletter sent out by Coinbase on May 10 has caused a significant backlash within the Pepe memecoin community. The email described Pepe, a popular internet meme, as a “hate symbol” co-opted by alt-right groups, prompting outrage among fans and holders of the frog-themed memecoin.
Background of Pepe
Pepe the Frog first gained popularity as a meme character in the early 2010s. Over time, the character has been co-opted by various alt-right groups, leading to a controversial association with hate speech and discriminatory ideologies.
The Anti-Defamation League’s Decision
In 2016, the Anti-Defamation League (ADL) made the decision to place Pepe the Frog in its database of online hate symbols. This controversial decision sparked debates over the meme’s significance and impact on society.
Coinbase’s Email Newsletter
The Coinbase email newsletter from May 10 cited the ADL’s decision, describing Pepe as a “hate symbol” and drawing considerable ire from the Pepe memecoin community. Fans and holders of the memecoin called for an apology from Coinbase and urged users to delete their accounts with the crypto exchange.
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Crypto Influencers’ Reactions
Prominent crypto influencer Borovik.eth shared a screenshot of the email newsletter on Twitter, sparking widespread backlash. Other influencers joined the movement, expressing their disagreement with Coinbase’s characterization of Pepe.
The #deletecoinbase Movement
The hashtag #deletecoinbase quickly gained traction on Twitter, with more than 14,000 tweets in just two hours. The movement has caused significant damage to Coinbase’s reputation, as users express their dissatisfaction with the exchange’s stance on Pepe.
Alternative Crypto Exchanges
In response to the controversy, Gemini, a United States-based crypto exchange, listed the Pepe token for trading. Gemini’s listing provided a more neutral description of the token, distancing itself from the controversy surrounding the meme character.
A Coinbase spokesperson stated that the exchange had “nothing further to add” in response to the backlash. As of now, Coinbase has not indicated any plans to list the Pepe token on its platform.
Price Impact on Pepe Token
The controversy surrounding
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the Coinbase email newsletter had an immediate impact on the Pepe token’s price, which fell 2.6% within hours of the news circulating on Twitter. At the time of publication, Pepe is trading for a price of $0.00000184, down 10.4% in the last 24 hours, according to data from CoinGecko.
Opinions on Pepe’s Status
The debate over whether Pepe should be considered a hate symbol continues. Some argue that the meme has been co-opted by harmful groups and should be treated as such. Others maintain that Pepe is simply an internet meme and that the actions of a few should not define its overall meaning.
Role of Crypto Exchanges
This controversy raises questions about the responsibilities and ethical considerations of crypto exchanges when it comes to listing tokens associated with controversial symbols or ideologies. Exchanges must weigh the potential risks and benefits of listing such tokens while considering the potential impact on their reputation and user base.
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The Coinbase email newsletter has sparked a significant backlash within the Pepe memecoin community, leading to the #deletecoinbase movement and the listing of the token on alternative exchanges like Gemini. As the debate surrounding Pepe’s status as a hate symbol continues, crypto exchanges must carefully consider their role in shaping public opinion and the potential consequences of their actions.
- What is the Pepe memecoin? The Pepe memecoin is a cryptocurrency inspired by the popular internet meme character, Pepe the Frog.
- Why did Coinbase call Pepe a “hate symbol”? Coinbase cited the Anti-Defamation League’s 2016 decision to list Pepe the Frog as a hate symbol due to its association with alt-right groups.
- What has been the response to Coinbase’s email newsletter? The Pepe memecoin community has reacted with outrage, calling for a boycott of Coinbase and the deletion of user accounts.
- How has the controversy impacted the Pepe token’s price? The price of the Pepe token fell by 2.6% within hours of the news circulating on Twitter and has since experienced a 10.4% drop in value.
- What is the role of crypto exchanges in controversies like this? Crypto exchanges must weigh the potential risks and benefits of listing tokens associated with controversial symbols or ideologies, considering the potential impact on their reputation and user base.