Coinbase has been facing backlash and boycotts from some members of the crypto community, who have been turned off by the exchange’s peppy-hate rhetoric.
In an email newsletter sent to Coinbase users on Wednesday, the crypto exchange called Pepe a “hate symbol,” while highlighting an association of the Pepe the Frog meme with political 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,” the email read. “Over time it has been co-opted by alt-right groups as a hate symbol,” according to the Anti-Defamation League.
While the email contains a disclaimer that dissociates the author and “does not necessarily reflect the views of Coinbase or its employees,” the frog-themed meme attracted a legion of coin fans and investors to share Coinbase’s depiction of their beloved token. But there was resentment.
For example, Solidity developer and PEPE supporter Kenobi tactfully stated that the token is not a hate symbol and will be moving his crypto funds to the Gemini digital asset exchange.
The hashtag “#deletecoinbase” started trending on Twitter on Thursday as users deleted their accounts with the major US exchange.
Former Congressional Candidate David Gochstein Prediction that Coinbase would lose loads of customers for “disrespecting PEPE”.
Coinbase refrains from listing PEPE
After Binance, the market’s largest exchange, listed Pepe in the platform’s Innovation Zone on May 5, fans of the token are calling on other crypto exchanges to list the newly launched Mem Coin as well.
Exchange Gemini owned by Winklevoss twins succumbs to pressure announced PEPE’s listing on 9th May. Coinbase, on the other hand, has revealed no plans to list the token on its exchange for trading.
Pepecoin has been on a roll since its launch last month, with its market cap peaking at $1.82 billion on May 6. In addition to its stratospheric price rise, the flurry of speculation has driven Ethereum gas fees to a 12-month high.
However, the Pepe rally has run out of steam in recent days, with the coin falling from a peak of $0.00000431 to $0.00000164 at press time, according to CoinGecko. The downward price action has seen the total market cap of Meme Coin sink to $691 million.