Coinbase Receives Backlash For Calling PEPE A “Hate Symbol”

Crypto exchange Coinbase sent emails to its users about Pepe Coin (PEPE) frenzy and meme coin trading reaching a two-year high. While Coinbase referred to Pepe the Frog meme-based PEPE token as “the memecoin of the moment,” it said, “Over time it has been co-opted as a hate symbol by alt-right groups, according to the Anti-Defamation League.”

After the Coinbase email newsletter, the crypto community, especially people supporting the PEPE meme coin criticized the crypto exchange for calling the most loveable meme on the internet a hate symbol. People asked Coinbase and CEO Brian Armstrong to apologize and remove the negative words about PEPE.

“#DELETECOINBASE” started to trend on Twitter as the community warns to delete their Coinbase accounts. Some even go on to compare the posts of Gemini and Coinbase. Gemini announcing their support for PEPE and listing the meme coin said:

“PEPE builds upon the popular “Pepe the Frog” meme created by Matt Furie in the early 2000s. PEPE continues the tradition of giving the control of money back to the people. 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.”

Also Read: Gemini Lists PEPE Meme Coin After Binance, Analyst Predicts Major Price Rally

David Gokhshtein, founder of Gokhshtein Media and former Congressional candidate, asserts that Coinbase can lose its clients for “disrespecting $PEPE.”

Coinbase about to lose a lot of clients for disrespecting $PEPE. pic.twitter.com/NZpTtwqjla

— David Gokhshtein (@davidgokhshtein) May 11, 2023

Popular digital artist Beeple also posted a picture of Pepe Army taking over Coinbase. As well as crypto influencers Kenobi, Pauly, and Autism Capital, saying PEPE movement is about love, equity, and a protest against VC-backed entities wrongly taking advantage of the Web3 community for years.

COINBASE VS PEPE ARMY pic.twitter.com/qHEY3Q7Wxa

— beeple (@beeple) May 11, 2023

Coinbase Avoiding PEPE Listing

Crypto exchange Coinbase is likely to avoid listing PEPE amid their disputes with the US SEC about listing securities. Meanwhile, the community has asked the exchange to list PEPE in response to its misinformation about the meme coin. Top exchange Binance is expanding its support for PEPE and FLOKI after listing last week.

PEPE price fell 9% in the last 24 hours, with the price currently trading at $0.0000017. The 24-hour low and high are $0.000001762 and $0.0000020, respectively. Furthermore, the trading volume has increased slightly in the last 24 hours, indicating an interest among traders.

Also Read: Binance, Coinbase Impacted As Jane Street, Jump Crypto Exit US Crypto Market

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.