“Coinbase Bytes,” an email sent to exchange customers, landed in controversy.
Pepecoin fans and holders are not quite happy with the exchange’s statement.
Coinbase, one of the major cryptocurrency exchanges, might have offended the frog-themed crypto fans. In their weekly newsletter, the “Coinbase Bytes” email sent to the exchange customers landed in controversy.
The newsletter was based on the crazy sentiment the present crypto market is holding towards memecoin. And as given details about the evolution of the Pepe character used in the PEPE token, Coinbase stated the following description,
“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. Over time it has been co-opted as a hate symbol by alt-right groups, according to the Anti-Defamation League.”
Pepecoin fans and holders are not quite happy with this statement, though. Twitter is carrying the heat of the #DELETECOINBASE hashtag. Pepe fans are posting screenshots and recordings of Coinbase app deletions from their devices.
Parallely, few are questioning the exchange for an explanation of the statement.
Coinbase and PEPE Struggle
Coinbase’s ex-product manager, Ishan Wahi, was sentenced to two years in jail for insider trading. The sentence was finalized on May 10th by U.S. District Judge Loretta Preska. And the exchange is also facing allegations from the SEC.
Pepe holds the 62nd position and is the third memecoin to be present in the top 100 cryptocurrency lists. The coin is moving downward, with an 11% fall in the trading price in the last 24 hours. Even after being listed on major exchanges like Binance and Gemini, the downfall was not what the community expected.