- Coinbase called Pepe the Frog a “hate symbol” linked to “alt-right groups” in its newsletter.
- PEPE immediately experience a double-digit percentage dump.
- The crypto community largely disagreed with Coinbase’s PEPE comments.
The memecoin mania seems to have died down, at least for now. PEPE, the memecoin that started the current hysteria, is down more than 60% in the past few days.
That’s because most early investors have dumped the token to realize millions in profit. On top of that, Coinbase has recently called Pepe the Frog an “alt-right hate symbol.”
Coinbase Calls Pepe ‘Alt-Right Hate Symbol’
PEPE, the memecoin that has pumped thousands of percent in the past few weeks, has been called bad words.
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Coinbase, the second-largest centralized cryptocurrency exchange in the world, released a newsletter on Wednesday in which it called attention to Pepe the Frog, the character that PEPE is based on, and its links to alt-right groups.
Specifically, Coinbase said that Pepe has been, over time, “co-opted as a hate symbol by alt-right groups.”
“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."
PEPE didn’t take such words lightly. The memecoin is down another 15% on the day after going down more than 40% in the past few days.
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According to data from CoinGecko, PEPE is currently trading at $0.00000164. It’s down more than 62% from its all-time high of $0.00000431 in the past few days.
Needless to say, the crypto community on Twitter reacted negatively to Coinbase’s description of PEPE.
Crypto Community Reacts to Coinbase’s PEPE Comments
On Wednesday, the crypto community went to Twitter to speak against Coinbase’s comments about PEPE.
Kenobi, a prominent PEPE supporter, said they’d be closing down their Coinbase accounts due to the exchange’s description of PEPE.
Another user, iceberg, asked why Coinbase is talking bad about PEPE now when it had listed a lot of coins that had gone to 0.
On top of that, a hashtag #DeleteCoinbase surfaced on Twitter, calling for leaving Coinbase for its comments.
On the Flipside
- PEPE is still up thousands of percent in the past few weeks. It could still go up exponentially, as did Shiba Inu after the initial dump.
Why You Should Care
Whether PEPE is seen as an alt-right hate symbol or not, investing in memecoins like PEPE is always dangerous because of the high volatility such coins tend to have.
Read more about recent PEPE price action:
Meme Coin PEPE Dumps 42% as Whales Continue to Exit
Read more about how many of Ethereum’s blocks are OFAC-Compliant:
Ethereum’s OFAC-Compliant Blocks Drop to 27%: What Does It Mean?
