Coinbase’s Bold Move: Pepe Coin Declared Hate Symbol, Netizens React
CoinEdition
Published May 11, 2023 10:07AM ET
Updated May 11, 2023 10:30AM ET
Coinbase’s Bold Move: Pepe Coin Declared Hate Symbol, Netizens React
- Coinbase (NASDAQ:COIN) recently released a newsletter in which they labeled Pepe Coin as a hate symbol.
- This sparked controversy as the community started heavily criticizing on Coinbase for its statement.
- #deletecoinbase is now trending on Twitter.
Coinbase’s recent newsletter has sparked controversy for its comment on Pepe Coin. The exchange dedicated a section to speaking about Pepe Coin. The email newsletter described Pepe Coin as a hate symbol for alt-right groups. This particular comment has sparked controversy, with the exchange receiving backlash for the statement.
A well-known crypto influencer, Borovik.eth, recently shared a screenshot of the email newsletter with his substantial following of 96,000 users. The newsletter referenced a decision made by the Anti-Defamation League in 2016, stating that the frog-themed character, Pepe, was included in their database of online hate symbols.
The Pepe Coin community was outraged by the description of the coin, and users began demanding an apology deleting their accounts. One Twitter user also defended PEPE and conveyed that they would be closing their personal and business accounts with Coinbase, moving to Kraken and urged users to short COIN.
The hashtag #deletecoinbase has been trending on Twitter, and David Gokhstein, the founder of Gokhstein Media, tweeted that Coinbase is about to lose a lot of clients for the disrespect. The hashtag is getting quite a bit of traction, with more than 413980 tweets already, according to TweetBinder data.
Pepe Coin has gained traction in less than a month since its inception. It also bagged listings on prominent exchanges like Binance, with users demanding listings on other exchanges as well. However, PEPE is down by 61% in the last 6 days, when it touched an all-time high.
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