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- Pepe coin witnesses a price downturn following the Coinbase controversy.
- Coinbase’s damage control efforts include apologies from its legal spokesperson.
Pepe, the frog-themed memecoin, is experiencing a decline in both price and token holders. Following the controversy between the Coinbase exchange and the Pepe coin, the token’s reputation has suffered.
PEPE Price Chart (Source: CMC)
In previous weeks, the token stood out within the altcoin and memecoin community for setting high standards. These achievements included being listed on the Binance exchange, securing a spot in the top 100 cryptocurrency list, and seeing its trading price surge. However, the situation has now reversed.
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Despite damage control strategies by both Coinbase and Pepe, the impact of the “Hate Symbol” label persists. Coinbase’s response has involved apologies submitted through its legal spokesperson, while Pepecoin continues to tweet messages promoting love.
$PEPE is a symbol of love, unity, positivity, and freedom. We are all Pepe. A sigil that connects us all across the internet. pic.twitter.com/qGdkhwH6Ju
— Pepe (@pepecoineth) May 11, 2023
Regarding trading movements in the crypto market, PEPE coin’s Relative Strength Index (RSI) is above 30, signaling an oversold condition. The token’s dump is generating fear among loyal holders, with the RSI currently indicating 33.53. The token price has been declining for the past five days, with the current price at $0.000001177, representing a 38.84% drop.
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