{"id":7606,"date":"2023-05-12T01:08:23","date_gmt":"2023-05-12T05:08:23","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/coinbase-legal-officer-responds-to-pepe-uproar-following-newsletter-calling-the-memecoin-a-hate-symbol\/"},"modified":"2023-05-12T01:08:24","modified_gmt":"2023-05-12T05:08:24","slug":"coinbase-legal-officer-responds-to-pepe-uproar-following-newsletter-calling-the-memecoin-a-hate-symbol","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=7606","title":{"rendered":"Coinbase Legal Officer Responds to PEPE Uproar Following Newsletter Calling the Memecoin a \u201cHate Symbol\u201d"},"content":{"rendered":"
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Twitter got a bit heated on Thursday after memecoin PEPE enthusiasts jumped on the social media site with the hashtag #DeleteCoinbase trending after a newsletter was posted by the exchange calling the coin a \u201chate symbol.\u201d<\/p>\n

Coinbase Chief Legal Officer Paul Grewal has since responded Thursday afternoon to the uproar.<\/p>\n

\u201cWe screwed up and we are sorry,\u201d Grewal tweeted. \u201cYesterday we shared an overview of the $pepe<\/a> meme coin to provide a fact-based picture of a trending topic. This did not provide the whole picture of the history of the meme and we apologize to the community.\u201d<\/p>\n

PEPE was created as a tribute to the Pepe the Frog internet meme \u2014 a cartoon frog with a mischievous grin.
\u00a0<\/p>\n

PEPE\u2019s value exploded from late April to May with a market cap close to $1.6 billion, according to CoinMarketCap<\/u>.\u00a0<\/p>\n

Enter Coinbase\u00a0\u00a0<\/h2>\n

The top crypto exchange in the US mentioned the burgeoning PEPE in a newsletter on Wednesday, calling it a \u201chate symbol.\u201d<\/p>\n

\u201cThe token is based on the Pepe the Frog meme, which first surfaced on the internet nearly 20 years ago as a comic-strip character,\u201d Coinbase said. \u201cOver time it has been co-opted as a hate symbol by alt-right groups, according to the Anti-Defamation League.\u201d<\/p>\n

The Anti-Defamation League is a New-York based anti-hate organization.\u00a0<\/p>\n

PEPE is the only memecoin other than DogeCoin and Shiba Inu to be in the top 100 cryptocurrencies by overall market cap, Coinbase said.<\/p>\n

Currently, PEPE is just available through Coinbase Wallet<\/u>.\u00a0<\/p>\n

PEPE’s price has dropped drastically over the past several hours. \u00a0<\/p>\n

Twitter frenzy<\/h2>\n

PEPE fans threatened to delete Coinbase and move to other crypto exchanges in the wake of the newsletter.
\u00a0<\/p>\n

One user with about 9,000 followers asked \u201cWho else from the $PEPE family is going to #deletecoinbase?\u201d<\/p>\n

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Others said they were making \u201clarge deposits\u201d on crypto exchange Gemini.<\/p>\n

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Hate speech<\/h2>\n

The memecoin has been labeled as a hate symbol, but did not originally have racists or antisemitic connotations, according to the Anti-Defamation League.\u00a0<\/p>\n

The number of \u201calt right\u201d Pepe memes have grown over the years, the group said.<\/p>\n

\u201cThough Pepe memes have many defenders, the use of racist and bigoted versions of Pepe memes seems to be increasing, not decreasing,\u201d the organization said.\u00a0<\/p>\n<\/p><\/div>\n