Coinbase Faces Backlash After Labeling Pepe a ‘Hate Symbol’

The big cryptocurrency exchange platform, Coinbase is facing a backlash for describing the Pepe meme as a “hate symbol.”

An email sent out to Coinbase customers, concerning the company’s view on Pepe, has drawn significant ire from the PEPE memecoin community.

Borovik.eth, a famous crypto influencer, shared a screenshot of the email from May 10, which cites a 2016 decision from the Anti-Defamation League to place PEPE in its database of online hate symbols.

borovik.eth

2023-05-12 08:14

Why is @coinbase sending out emails telling people that $pepe is an alt-right hate symbol?? https://t.co/UNzClQlwwv

2288 724

The description of the frog-themed memecoin infuriated supporters and holders, who demanded an apology from Coinbase and began cancelling their accounts with the cryptocurrency exchange.

Solidity developer and anonymous Twitter user Kenobi said that Pepe is not a representation of hatred and that as a result, he will transfer his cash to the American cryptocurrency exchange Gemini. He concluded his statement with the hashtag: “#deletecoinbase.”

In the last four hours and counting, the hashtag #deletecoinbase” has over 14,000 tweets hitting the trending bar, according to data from Tweetbinder.

Are other Exchanges looking in the same direction?

On May, 5 listed the PEPE memecoin for trading. the token community are asking other cryptocurrency exchange leader to list the token as well.

Similarly, Cameron Winkelvoss, the CEO of Gemini, was paying attention and on May 9 launched the memecoin for trade on the Winklevoss-owned cryptocurrency exchange with a more ambiguous description of the new token.

Coinbase has not yet made a decision on whether to list this token, coupled with the recent development.

PEPE memecoin Price Plummets

In the hours after word of Coinbase’s explanation began to spread on Twitter, the price of Pepe dropped 2.6%. Pepe’s price is $0.00000184 at the time of posting, down 10.4% from the previous day.

This is because, amid the bearish movement, investors continue to book huge profits with PEPE.

The price of the PEPE coin is currently $0.00000226, down 19.3% from yesterday, and it is falling.

Currently, PEPE has roughly 50% of the way returned from its All-Time High of $0.00000420. The market capitalization is now once again below the $1 billion threshold as a result.

962.3 billion $PEPE tokens, worth $2,151,690, are held by a whale, according to blockchain analytics company Lookonchain. These tokens were bought last week for $2.4 million. The whale has lost almost $541K as a result of the volatility in Memecoin.

Conclusion

The PEPE coin is currently losing value despite an enormous surge since there aren’t enough buyers. However, if the bulls are able to retain today’s price closing above the 0.5 level of the Fibonacci retracement level, there is a slim chance for a potential recovery.

it is also important to note that, this backlash might have a great impact on Coinbase, while we have not heard the last of this, it is imperative that Coinbase plays this diplomatically.

The situation highlights the increasing power of social media in shaping the narrative around cryptocurrencies, and underscores the importance of carefully considering the potential impact of such decisions on the wider community.