Some people in the crypto community are vehemently criticizing Coinbase and threatening to boycott it because of the exchange’s Pepe-hating stance.
Coinbase describes the Pepe meme as a “hate symbol”
The cryptocurrency exchange known as Pepe is a “hate symbol,” underlining a connection between the Pepe the Frog meme and political organizations in an email message issued to Coinbase members on Wednesday.
The email stated, “The token is based on the Pepe the Frog meme, which initially appeared on the internet about 20 years ago as a comic-strip figure.” The Anti-Defamation League claims that alt-right organizations have adopted it over time as a symbol of hatred.
Pepe Community is disappointed with Coinbase
Despite the email’s warning that it does “not necessarily reflect the views of Coinbase or its employees” and that it was written by a third party, a large number of supporters and investors of the meme-themed frog token were disappointed by Coinbase’s characterization of their preferred asset.
On Twitter, the hashtag “#deletecoinbase” started to trend on Thursday as individuals seemed to delete their accounts with the most prominent American exchange.
For “disrespecting PEPE,” according to former congressional candidate David Gokhshtein, Coinbase will lose a tonne of consumers.
Coinbase apologizes to the PEPE community
Paul Grewal wrote in the tweet that we made a mistake and apologize for it. To provide readers with a fact-based understanding of a hot issue, we released an introduction to the Pepe meme-coin yesterday. We regret that this did not give a complete picture of Memecoin’s history.
Pepe was added to the innovation zone of Binance, the largest cryptocurrency exchange in the world, on May 5. Since then, Pepe’s supporters have been urging other exchanges to add the recently minted meme coin to their listings.
Gemini fell under the pressure and, on May 9, announced the listing of PEPE. On the other hand, Coinbase has not stated that it intends to list the cryptocurrency for trade on its exchange.