Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Coinbase labels Pepe as a ‘symbol of hate,’ leading to calls for a boycott of the platform.
An email dispatched to Coinbase users labeling the Pepe meme as a “hate symbol” appropriated by alt-right factions has provoked considerable backlash from the PEPE memecoin community.
Notable crypto influencer Borovik.eth shared a screenshot of the email newsletter dated May 10 with his 96,000 followers, referencing a 2016 ruling by the Anti-Defamation League that categorized the frog-themed character in its registry of online hate symbols.
Why is @coinbase sending out emails telling people that $pepe is an alt-right hate symbol?? pic.twitter.com/UNzClQlwwv
— borovik.eth (@3orovik) May 11, 2023
Supporters and holders of the frog-themed memecoin expressed their outrage at the characterization of the token, leading to demands for Coinbase to apologize and prompting users to begin closing their accounts with the crypto exchange.
Pseudonymous Twitter user and solidity developer @Kenobi asserted that Pepe is not a symbol of hate and announced he would be transferring funds to the US-based crypto exchange Gemini as a consequence, concluding his tweet with the hashtag: “#deletecoinbase.”
I will be closing my personal and business accounts with @Coinbase and moving them to @Gemini.#PEPE IS NOT A SYMBOL OF HATE@brian_armstrong, the $PEPE community DEMANDS that you retract your vulgar statement about #PEPECOIN!!#DELETECOINBASE, SHORT $COIN
— Kenobi (@OG_Kenobi_Hello) May 11, 2023
The hashtag “#deletecoinbase” has surged in popularity on Twitter, amassing over 14,000 tweets in the past 2 hours, according to data from Tweetbinder.
Since Binance began trading the token on May 5, Pepe-holding members of crypto Twitter have been urging leaders from various cryptocurrency exchanges to list the token as well.
Related Posts
Coinbase has not yet provided clear indications regarding its plans to list the Pepe token on its platform.
A spokesperson for Coinbase stated there was “nothing further to add” in an emailed reply to Cointelegraph.
Related: Pepe’s market cap sinks $1B in 5 days, some whales are still buying
Notably, Gemini CEO Cameron Winkelvoss appeared to be attentive to the situation, and on May 9, the Winklevoss-owned crypto exchange listed the memecoin for trading, accompanied by a more open-ended description of the new token.
Gemini’s summary of the Pepe token on its listing page. Source: Gemini.
The price of Pepe declined by 2.6% in the hours following the circulation of Coinbase’s description on Twitter. At the time of publication, Pepe is trading at $0.00000184, reflecting a 10.4% decrease in the last 24 hours according to data from CoinGecko.
Crypto Twitter Hall of Flame, Gabriel Haines: Shirtless shitposting and hunting SBF on the meme streets
Update (May 11, 4:44am UTC): A correction was made to the article to clarify that the Pepe meme was described as a hate symbol, not the memecoin.
