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Coinbase Faces Backlash for Calling Pepe Memecoin A Hate Icon

Coinbase Faces Backlash for Calling Pepe Memecoin A Hate Icon

Coinbase, a notable cryptocurrency exchange, has come under fire from the Pepe memecoin community for describing the Pepe meme as a “hate symbol” in an email newsletter sent to its customers on May 10.

Coinbase email referenced a 2016 decision by the Anti-Defamation League to classify the frog-themed character as an online hate symbol, prompting an outcry from Pepe enthusiasts and holders of the memecoin, at the same time its market price was affected by the general public feel on the data

Crypto influencer Borovik.eth subsequently queried the rationale behind the action of Coinbase telling crypto users that PEPE is an alt-right hate symbol.

As a consequence, several crypto users urged the exchange to apologize while some users vowed to delete their accounts with the exchange. 

A hashtag #deletecoinbasebegan trending on Twitter, amassing more than 14,000 tweets in just two hours, according to Tweetbinder data.

Many Pepe supporters, including pseudonymous Twitter user and solidity developer Kenobi, voiced their disagreement with Coinbase’s characterization of the meme, asserting that Pepe is not a hatesymbol

Kenobi further stated that he would be moving his funds to US-based crypto exchange Gemini and encouraged others to do the same using the “#deletecoinbase” hashtag.

It would be recalled that Binance listed the Pepe token for trading on May 5, leading Pepe-holding members of the crypto community to call on other exchanges to list the token as well. 

Meanwhile, Coinbase has not indicated any plans to list Pepe on its platform.

PEPE Memecoin Gasps for Survival

While several exchanges like Gemini took note of the community’s requests and listed the memecoin for trading on May 9, it appears that there is no sign of relief for the free-fall for PEPE token.

PEPE Meme Coin Gasps for Survival, while coinbase punch them down

Pepe’s market cap sinks to $1B in five days. From May 6 to May 10, the price of the memecoin plummeted by more than 56% from a peak of $0.00000431 to $0.000001703 according to CoinMarketCap data

Meanwhile, some whales are still buying the memecoin. Blockchain analytics firm Lookonchain revealed that Jeffrey Huang, a former tech entrepreneur known as “Machi Big Brother,” had purchased 73.4 ETH of Pepe in the past four days.

Overall, the backlash against Coinbase highlights the sensitivity surrounding the portrayal of meme-based tokens like Pepe. 

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