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Driven by the community, not VCs, PEPE fans comeback to Coinbase's ill-conceived” take
Pepecoin (PEPE) caused a significant stir in the sluggish crypto market. From less than $1 million at launch, its market cap grew to nearly $2 billion in just a few weeks. The frog-themed memecoin is sure to spark funny memes in the crypto universe dominated by dog-themed coins. And such a meme attempt by Coinbase does not seem to have gone down well, with the crypto exchange falling victim to a “well-deserved” backlash from PEPE fans and holders. PEPE as a symbol of hate Apparently Coinbase sent its investors an email on May 10th mentioning the excitement surrounding PEPE and...
Driven by the community, not VCs, PEPE fans comeback to Coinbase's ill-conceived” take
Pepecoin (PEPE) caused a significant stir in the sluggish crypto market. From less than $1 million at launch, its market cap grew to nearly $2 billion in just a few weeks. The frog-themed memecoin is sure to spark funny memes in the crypto universe dominated by dog-themed coins.
And such a meme attempt by Coinbase does not seem to have gone down well, with the crypto exchange falling victim to a “well-deserved” backlash from PEPE fans and holders.
PEPE as a symbol of hate
Apparently, Coinbase sent an email to its investors on May 10th mentioning the excitement surrounding PEPE and calling it the memecoin of the moment. It said: “Over time, [PEPE] has been co-opted by far-right groups as a hate symbol, according to the Anti-Defamation League.”
Crypto influencer Borovik.eth divideda screenshot of the May 10 email newsletter with his 96,000 followers. The newsletter cited a 2016 decision by the Anti-Defamation League to add the frog-themed character to its database of online hate symbols.
“Why is@coinbaseSend emails telling people that$pepeis an alt-right hate symbol???,” wrote Borovik.eth.
Although the memecoin has started to fall and has lost at least half of its market cap so far, it has secured a listing on OKX and Binance – no less! Gemini is also very impressed by the performance and has announced its support.
PEPE lovers take on Coinbase
PEPE continued to receive support as digital artist Beeple and crypto influencers Kenobi and Pauly highlighted the community-driven movement against VC-backed companies hijacking the Web3 movement. Beeple posted a picture of the Pepe Army laying siege to Coinbase.
The crypto exchange has not responded to the comments it received in response to its statements on PEPE.
Meanwhile, PEPE appears to be settling in where it belongs after a massive bull run since its launch on April 17 by an anonymous creator. On May 9thCryptoPotatoreported that market cap was the most exciting memecoinreducedfrom $1.8 billion to $800 million in just four days. A day earlier, the 4-week-old coin had ended the week with a whopping 350%win.
When it was listed on Binance on May 5, the coin was worth $0.000002023, but the news caused its price to rise to $0.000004354. According to CoinMarketCap, it is trading at $0.000001615, down 15.82%.
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