Coinbase Classifies PEPE the Frog as a Hate Symbol, Receives Backlash from the PEPE Community
In Brief
An email newsletter sent to Coinbase customers on May 10 caused backlash from the Pepe community.
On May 10, Coinbase sent out a highly divisive newsletter discussing the now popular memecoin PEPE and its symbol: Pepe the Frog. In the newsletter, it described Pepe the Frog meme as a “hate symbol” co-opted by alt-right groups. Now, the memecoin community is strongly rebelling against Coinbase and is calling for a boycott.
The information came to light when Borovik.eth shared a screenshot of the newsletter in a tweet.
“”PEPE, which was issued around three weeks ago with a comically huge supply of 420 trillion tokens, has been leading the memecoin activity. The token is based on the Pepe the Frog meme, which first surfaced on the internet nearly 20 ears ago as a comic-strip character. Over time, it has been co-opted as a hate symbol by alt-right groups, according to the Anti-Defamation League.”
excerpt from the Coinbase newsletter.
Coinbase links the PEPE symbol to the 2016 Anti-Defamation League decision that classified frog-themed characters as online hate symbols. The frog memecoin enthusiasts and holders are furious about the description of the token, prompting Coinbase to issue an apology and users to start deleting their accounts.
In order to make his statement clear, Twitter user and solidity developer Kenobi used the hashtag #deletecoinbase to complete his tweet. In his tweet, he expressed his support for Pepe, the cartoon frog, denying the implication that it is a hate symbol. Over 14,000 tweets have been made in the last two hours using the hashtag #deletecoinbase, according to data from Tweetbinder.
Since Binance listed the token for trading on May 5, Twitter members of several cryptocurrency exchanges have asked leaders from that list to list the token too. Coinbase has not yet made a decision regarding whether it will list the Pepe token on its exchange.
The Winklevoss-owned crypto exchange, Gemini, listed the memecoin on May 9. The post claimed that the new token had been described in an open-minded manner.
“$pepe builds upon the popular “Pepe the Frog” meme created by Matt Furie in the early 2000s,” the description on Gemini reads. “$pepe continues the tradition of giving the control of money back to the people. We’re not here to tell you what money is. We’ll leave that up to you. We’re here to empower you with greater choice, independence, and opportunity, as we continue on our mission to unlock the next era of financial, creative, and personal freedom.”
Following Coinbase’s tweet about Pepe, the price of the meme fell 2.6% in the hours following the news. At the time of publication, the price of Pepe is $0.00000184, down 10.4% in the last 24 hours, according to data from CoinGecko.
- Chainwire $KING, the revolutionary memecoin on the Solana blockchain, has just been listed on BitMart, a top global cryptocurrency exchange. This listing will bring more accessibility and visibility to $KING and help the $KING community grow. BitMart offers a secure and advanced trading environment for $KING users.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
More articlesNik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
