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Backlash ensues as Coinbase labels PEPE alt-right hate symbol
Backlash ensues as Coinbase labels PEPE alt-right hate symbol
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Anger has erupted over a Coinbase customer email claiming Pepe represents hate ideology.
Borovik.eth posted a screenshot of the āWhat you should know about PEPEā portion of the email. It said the meme coin was released three weeks ago and has āa comically huge supply of 420 trillion tokens.ā
Moreover, after briefly explaining Pepeās origins, it stated that the character was āco-opted as a hate symbol by alt-right groups, according to the Anti-Defamation Leagueā (ADL).
The email has triggered an uprising from Pepe fans, who are trending the hashtag #DELETECOINBASE.
Pepe was adopted by alt-right
Pepeās phenomenal rise upon release saw it climb the meme coin rankings into the third spot by market cap ā currently at $674.7 million, behind Shiba Inu and Dogecoin.
Early investors experienced explosive gains, kicking off āmeme seasonā to spawn a glut of newly released meme coins to spike Ethereum transaction fees.
The phenomenon was repeated on Bitcoin, as BRC-20 tokens also took off, taking transaction fees to 24-month highs. Incidentally, a Pepe BRC-20 clone exists but it has a significantly smaller market cap and supply, at $24.2 million and 42,069,000 tokens, respectively ā compared to the original Ethereum token.
Pepe the Frog was created by cartoonist Matt Furie, who debuted the character in a comic book called āBoyās Clubā in 2006. Over time, the character gained a following, making Pepe a popular meme character.
According to the ADL, Pepe was āappropriatedā by people to communicate āracist, antisemitic or other bigoted themesā ā particularly from the āalt-rightā white supremacy movement.
Considering the polarized U.S. political landscape, the issue became even more contentious when Donald Trump supporters adopted Pepe during the 2016 presidential campaign.
Commenting on his creationās alt-right association, Furie played it down as a passing phase ā adding that Pepeās charm will restore his rightful legacy soon enough.
āItās just a phase, itās not the first time Pepe has been reclaimed for evil, and no one will care about it come November. I predict that his sly, lovable, and charming status will be intact as early as next week.ā
The pushback
Social media is awash with pushback over Coinbaseās stance toward Pepe. Kenobi said he was waiting on his withdrawals to finish processing before closing his Coinbase account.
āI cannot in good conscience maintain an account with a company who is clearly manipulating markets with their baseless FUD and attack on $pepe.ā
Likewise, seacasa assumed a āGen Zā Coinbase employee wrote the email ā which has now ānaively draggedā the company down by assuming a blip in the characterās history is still relevant today. He said he would sell his COIN shares if the exchange does not correct this situation.
Cold opted for a more reserved response, saying the claim of hate symbolism was biased because it did not present a balanced account of Pepeās history.
āThe thing is, they didnāt explain any of the positive sides of the story.ā
PEPE sunk 15.4% over the last 24 hours to $0.00000163, as a wave of recent rug pulls has re-iterated the dangers of meme coin investing in general.
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