Coinbase Labels Pepe Hate Symbol: Uproar, Hashtag Trend & Memecoin Market Impact

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Coinbase, a prominent cryptocurrency exchange, recently sent out an email to its customers that has stirred up the memecoin community by labeling Pepe (PEPE) as a “hate symbol” embraced by alt-right groups. The email, which was shared by crypto influencer Borovik.eth with his 96,000 followers, refers to a 2016 decision by the Anti-Defamation League to classify the frog-themed character as an online hate symbol.

Enthusiasts and holders of the frog-themed memecoin were understandably unhappy with this characterization and demanded that Coinbase issues an apology. In response, some users have started deleting their accounts with the crypto exchange, leading to the popularity of the hashtag “#deletecoinbase” on Twitter.

One user, @Kenobi, who is also a solidity developer, denounced Pepe as a symbol of hate, declaring his intention to move his funds to the US-based exchange Gemini. The controversy seems to have had an impact on Twitter’s trending bar as well, with more than 14,000 tweets using the hashtag in the last couple of hours.

In contrast, Binance, another leading crypto exchange, chose to list the Pepe token for trading on May 5, encouraging Pepe-holding crypto enthusiasts to request leaders of other cryptocurrency exchanges to do the same. Although Coinbase, under pressure from its users, has not shown any indications of whether they intend to list the Pepe token, according to a Coinbase spokesperson, there is “nothing further to add” on this matter.

Meanwhile, Gemini CEO Cameron Winklevoss and his exchange appear to have taken a more open-minded approach in listing the memecoin for trading. Gemini’s summary of the Pepe token on its listing page is much more neutral in comparison to the controversial email circulated by Coinbase.

The resulting uproar and negative portrayal of Pepe by Coinbase seem to have adversely affected the token’s price, which fell 2.6% in the hours following the news. At the time of writing, Pepe’s price sits at $0.00000184, marking a 10.4% decrease over the last 24 hours.

In conclusion, while opinions on the nature of Pepe as a symbol and its associations vary, the crypto community’s response to Coinbase’s stance demonstrates that the issue remains a contentious one. The impact of such disputes on the market and user behavior highlights the importance of carefully navigating the crypto landscape, as exchanges like Gemini and Binance seem to be doing.

Source: Cointelegraph

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