3 mins readCoinbase, a prominent player in the crypto trading arena, is currently confronting notable opposition from the $PEPE community. This came after it characterized Pepe the Frog, the face of the $PEPE memecoin, as a hate emblem linked to the alt-right. However, this characterization has triggered outrage within the $PEPE community, leading to calls for a boycott of Coinbase and the hashtag "#DeleteCoinbase" trending on Twitter.
Consequently, some $PEPE users have started migrating their holdings to Gemini, a competing cryptocurrency exchange, while the price of the popular memecoin continues to experience a decline.
PEPE vs Coinbase by Beeple
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Coinbase's decision to label Pepe the Frog as a hate symbol has sparked a heated debate within the $PEPE community. While Coinbase acknowledged the recent surge in popularity of $PEPE, it pointed to Pepe's controversial history in a now-deleted section of the newsletter. The dispute ignited when Coinbase distributed a newsletter to its user base, highlighting Pepe's contentious past and the Anti-Defamation League's (ADL) labeling it as a hate symbol in 2016. However, members of the $PEPE community argue that Coinbase's characterization of Pepe overlooks the character's long-standing presence within the crypto and NFT space.
Contrary to the negative associations, Pepe's creator, Matt Furie, has actively sought to distance the character from any sinister connotations. In fact, Furie collaborated with the ADL on the #SavePepe campaign in an effort to reclaim the symbol and redefine its meaning. Furthermore, $PEPE community members emphasize that Furie has been leveraging his Pepe intellectual property (IP) on the blockchain as an integral part of the NFT space for several years.
A severe backlash against Coinbase's recent decision has triggered calls for a comprehensive boycott of the platform. The hashtag "#DeleteCoinbase" has gained significant traction on Twitter, with numerous $PEPE traders expressing their intention to close their Coinbase accounts and move to Gemini, a competing exchange. Notably, Gemini had listed $PEPE just a day before Coinbase's controversial email was sent, and it has reportedly experienced a substantial influx of over two trillion $PEPE tokens.
What's Next?
Beyond the immediate consequences for Coinbase, the controversy surrounding the labeling of Pepe the Frog as a hate symbol raises broader questions about the responsibilities of exchanges and prominent platforms in navigating discourse surrounding cultural symbols. The ethical considerations involved in dealing with symbols like Pepe, which have both positive and negative associations, require careful thought and understanding of their evolving meanings within different communities.
Coinbase's Chief Legal Officer, Paul Grewal, has recognized the company's misstep and issued an apology on behalf of Coinbase's decision. However, the ongoing conversation extends beyond the actions of a single exchange and highlights the need for broader industry-wide discussions regarding the responsible handling of cultural symbols.
As the boycott and controversy continue, the impact on the price of $PEPE has become apparent. Following Coinbase's labeling, the price of $PEPE has experienced a decline of approximately 15 percent in the past 24 hours, according to CoinGecko. Nevertheless, $PEPE continues to lead the "memecoin season" trend, with the emergence of numerous similar currencies in the market.
The outcome of this boycott and the ensuing controversy remains uncertain. Stakeholders are closely monitoring the responses from both Coinbase and the $PEPE community, recognizing the potential ramifications for the broader cryptocurrency industry. The situation raises questions about the power and influence of exchanges in shaping the perception and narrative surrounding specific tokens and symbols.
