Coinbase, one of the largest cryptocurrency exchanges in the world, is facing a backlash from the Pepe community after it referred to the Pepe meme-based PEPE token as a “hate symbol” in an email to its users.
The email, which announced the trading frenzy of Pepe Coin and meme coins, warned that the token had been “co-opted as a hate symbol by alt-right groups, according to the Anti-Defamation League.”
The Pepe community, which supports the meme coin, criticized Coinbase for calling their beloved meme a hate symbol. They demanded an apology from Coinbase and its CEO, Brian Armstrong, and called for the negative reference to be removed.
As a result, the hashtag “#DELETECOINBASE” began trending on Twitter, and some people even compared Gemini’s and Coinbase’s posts. Gemini announced its support for PEPE and listed the meme coin, saying it empowers people with greater choice, independence, and opportunity.
David Gokhshtein, founder of Gokhshtein Media and former Congressional candidate, warned that Coinbase could lose its clients for “disrespecting $PEPE.”
Digital artist Beeple also joined the protest and posted a picture of the Pepe Army taking over Coinbase.
PEPE: A Movement for Love, Equity, and Protest
Crypto influencers, including Kenobi, Pauly, and Autism Capital, say that the PEPE movement is about love, equity, and protest against VC-backed entities that have been taking advantage of the Web3 community for years.
However, Coinbase is likely to avoid listing PEPE amid disputes with the US SEC about listing securities, while Binance is expanding its support for PEPE and FLOKI after listing last week.
Pepe Coin Price and Trading Volume
Pepe Coin (PEPE) price fell 9% in the last 24 hours and is currently trading at $0.0000017. The 24-hour low and high are $0.000001762 and $0.0000020, respectively. However, the trading volume has slightly increased in the last 24 hours, indicating traders’ interest.
Coinbase’s declaration of Pepe as a hate symbol has not gone down well with the Pepe community, who have called for an apology and the removal of the negative reference. The PEPE movement is gaining momentum as crypto influencers and top exchanges show their support for the meme coin.