The labeling of the Pepe meme as a “hate symbol” in a newsletter from cryptocurrency exchange Coinbase has triggered calls for a boycott on Twitter. The Pepe meme, featuring a frog character, originated on the internet as a comic strip almost 20 years ago.
Coinbase’s newsletter included a disclaimer stating that the views expressed by the author did not necessarily represent the views of Coinbase or its employees. However, the association of Pepe with hate symbols sparked controversy and led to a wave of boycott calls on Twitter.
Pepe, along with Dogecoin and Shiba Inu, had broken into the top 100 in terms of market capitalization among meme coins, according to a report by Lim Yu Qian of CoinGecko. Meme coins, including Pepe, are considered a risky type of cryptocurrency investment because their value is dependent on the relevance and popularity of the associated internet cultural references.
Thomas Kralow, founder of University Grade Trading Education, expressed skepticism about meme coins as a sound investment. He suggested that those who had invested in Pepe were fortunate to see a significant boost in its value.
In response to the newsletter, the Pepe community reacted by sharing a barrage of memes on social media platforms.
CLOWNBASE— PAULY (@Pauly0x) May 11, 2023
HONK HONK@COINBASE $PEPE 🐸#DELETECOINBASE pic.twitter.com/vaMPiuu0Wk
The hashtag “DeleteCoinbase” trended on Twitter late Wednesday as more Pepe supporters slammed the newsletter.
Coinbase has not stated whether or not it plans to list the Pepe token on its exchange. According to a spokesperson for Coin Telegraph, the exchange has “nothing else to say.”
The official website of the Pepe coin describes it as a meme coin “with no intrinsic value or expectation of financial return.” It also states that the coin was created solely for entertainment purposes.
Coinbase made this following statement about the memecoin. “PEPE, which was issued around three weeks ago with a comically huge supply of 420 trillion tokens, has been leading the memecoin activity. 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.”
Disclaimer: This content is only intended for informational purposes. Before making any investment, you should always do your own research and analysis. Past performance is no guarantee of future results.
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