Driven by Community not VCs, PEPE Fans’ Comeback on Coinbase’s ‘Ill-Conceived’ Take

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Pepecoin (PEPE) made quite a sig­nif­i­cant upheaval in the slug­gish cryp­to mar­ket. From less than $1 mil­lion at the launch, its mar­ket cap swelled close to $2 bil­lion in just weeks. The frog-themed meme­coin in the cryp­to uni­verse dom­i­nat­ed by dog-themed coins is bound to trig­ger fun­ny memes.

And one such meme attempt by Coin­base doesn’t seem to have land­ed well, and the cryp­to exchange is at the receiv­ing end of a “well-deserved” back­lash from PEPE fans and holders.

PEPE as a Symbol of Hate 

Appar­ent­ly, Coin­base, on May 10, sent its investors an email men­tion­ing the fren­zy around PEPE and call­ing it the meme­coin of the moment. It said, “Over time, it [PEPE] has been co-opt­ed as a hate sym­bol by alt-right groups, accord­ing to the Anti-Defama­tion League.”

Cryp­to influ­encer Borovik.eth shared a screen­shot of the email newslet­ter from May 10 with his 96,000 fol­low­ers. The newslet­ter cit­ed a 2016 deci­sion made by the Anti-Defama­tion League to include the frog-themed char­ac­ter in its data­base of online hate symbols.

“Why is @coinbase send­ing out emails telling peo­ple that $pepe is an alt-right hate sym­bol??,” Borovik.eth wrote. 

Although the meme­coin has start­ed falling and has shed at least half its mar­ket cap so far, it has secured a list­ing on OKX and Binance – no less! Gem­i­ni is also much impressed by its 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 enti­ties hijack­ing the Web3 move­ment. Beeple post­ed a pic­ture of the Pepe Army lay­ing siege to Coinbase.

The cryp­to exchange has not react­ed to the com­ments it received in response to its remarks on PEPE.

Mean­while, after a mas­sive bull run since its launch on April 17 by an anony­mous cre­ator, PEPE seems to be set­tling down to where it belongs. On May 9, Cryp­toPota­to report­ed that the mar­ket cap of the most excit­ing meme­coin was reduced to $800 mil­lion, slid­ing from $1.8 bil­lion in mere­ly four days. A day ear­li­er, the 4‑week-old coin had end­ed the week with a mas­sive 350% gain.

When list­ed on Binance on May 5, the coin was worth $0.000002023, but the news drove its price to $0.000004354. Accord­ing to Coin­Mar­ket­Cap, it’s trad­ing at $0.000001615, sig­nal­ing a dip of 15.82%.

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