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- Coinbase called Pepe the Frog a “symbol of hate” associated with “alt-right groups” in its newsletter.
- PEPE immediately experiences a double-digit discharge rate.
- The crypto community has largely disagreed with Coinbase’s PEPE comments.
The memecoin mania seems to have died down, at least for the time being. PEPE, the memecoin that started the current hysteria, has fallen more than 60% in the past few days.
It is because most of the early investors dumped the coin to make profits in the millions. Moreover, Coinbase recently called Pepe the Frog the “correct alt-hate token.”
Coinbase Calls Pepe “Alt-Right Hate Symbol”
PEPE, a memecoin that has pumped thousands of percent in the past few weeks, is called bad words.
Coinbasethe world’s second-largest centralized cryptocurrency exchange, issued a newsletter on Wednesday calling attention to Pepe the Frog, the character PEPE is based on, and its connections to alt-right groups.
Specifically, Coinbase said that Pepe has, over time, been “co-opted as a symbol of hate by alt-right groups.”
“The token is based on the Pepe the Frog meme, which first surfaced on the internet nearly 20 years 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."
PEPE did not take such words lightly. The value of memecoin is down another 15% on the day after dropping more than 40% in the past few days.
according to data From CoinGecko, PEPE is currently trading at $0.00000164. It has fallen more than 62% from its all-time high of $0.00000431 in the past few days.
Needless to say, the cryptocurrency community on Twitter reacted negatively to Coinbase’s description of PEPE.
The crypto community reacts to Coinbase’s PEPE comments
On Wednesday, the crypto community took to Twitter to speak out against Coinbase’s comments about PEPE.
Kenobi, a prominent PEPE supporter, said they would close their Coinbase accounts due to the exchange’s characterization of PEPE.
Another user, iceberg, asked why Coinbase is talking bad about PEPE now when it lists so many coins that have gone to 0.
Coinbase listed a lot of trash but drawing a line at Pepe? lol ok
– Icebergy ❄️ (icebergy_) May 11, 2023
Furthermore, a hashtag #DeleteCoinbase appeared on Twitter, calling for Coinbase to be left to comment on it.
on the flip side
- PEPE is still up thousands of percent in the past few weeks. It can still go up significantly, as I did shiba inu after the initial discharge.
Why should you bother
Whether PEPE is seen as an alternative hate token or not, investing in memecoins like PEPE is always a risky thing due to the high volatility that such coins tend to have.
Read more about the recent PEPE price movement:
Meme Coin PEPE sheds 42% as whales continue to exit
Read more about how many OFAC-compliant Ethereum blocks:
OFAC-compliant Ethereum blocks drop to 27%: what does that mean?
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