A heated debate struck on Twitter after a recent newsletter published by top US crypto exchange, Coinbase, called memecoin PEPE a “hate symbol.” The coin was created as a tribute to the Pepe the Frog internet meme—a cartoon frog known for its mischievous grin. The move promoted the #DeleteCoinbase slogan into the spotlight, with PEPE enthusiasts considering other alternatives such as crypto exchange Gemini for their trading activities.
Coinbase‘s Chief Legal Officer Paul Grewal responded to the online uproar, tweeting that they made a mistake and offering their apologies to the community. In their newsletter, Coinbase emphasized that while the Pepe the Frog meme first appeared as an innocent comic-strip character, it had been appropriated as a hate symbol by alt-right groups over time, as reported by the New-York based Anti-Defamation League (ADL), an anti-hate organization.
It is essential to highlight that PEPE is currently the only memecoin, besides Dogecoin and Shiba Inu, to rank within the top 100 cryptocurrencies by overall market cap. Despite the ADL stating that the memecoin did not initially have any racist or antisemitic ramifications, the organization indicated the growth in the number of alt-right Pepe memes and the apparent increase in their racist and bigoted content.
In response to the controversial publication, numerous Twitter users threatened to delete their Coinbase accounts, and others claimed to have made significant deposits to competitors like Gemini. This incident showcases the potential volatility of the cryptocurrency community and how a single event can quickly sway public opinion. The situation is not exclusive to the crypto industry, as many other sectors can also suffer similar consequences.
At present, PEPE is only accessible through the Coinbase Wallet. After achieving a market cap close to $1.6 billion between April and May, the value of PEPE has taken a considerable hit in the past few hours. These fluctuations raise questions about the stability of the memecoin market and the possible risks for investors.
In conclusion, this whole drama surrounding Coinbase and the PEPE memecoin presents a crucial lesson, ensuring that information presented to the public is comprehensive and accurate. The memecoin market’s dynamic nature serves as a reminder for both investors and the broader community that caution and thorough research are necessary before making any decision that may have substantial consequences.
Source: Cryptonews
