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The global crypto market cap is $1.1 trillion with a 24-hour volume of $42.27 billion. The price of Bitcoin is $26,314.95 and BTC market dominance is 46.3%. The price of Ethereum is $1,763.25 and ETH market dominance is 19.4%. The best performing cryptoasset sector is Privacy, which gained 8%.
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The hashtag #DELETECOINBASE is trending as Pepe fans voice anger at claims the character symbolizes bigotry.
Cover art/illustration via CryptoSlate
Anger has erupted over a Coinbase customer email claiming Pepe represents hate ideology.
Borovik.eth posted a screenshot of the “What you should know about PEPE” portion of the email. It said the meme coin was released three weeks ago and has “a comically huge supply of 420 trillion tokens.”
Moreover, after briefly explaining Pepe’s origins, it stated that the character was “co-opted as a hate symbol by alt-right groups, according to the Anti-Defamation League” (ADL).
The email has triggered an uprising from Pepe fans, who are trending the hashtag #DELETECOINBASE.
Pepe’s phenomenal rise upon release saw it climb the meme coin rankings into the third spot by market cap — currently at $674.7 million, behind Shiba Inu and Dogecoin.
Early investors experienced explosive gains, kicking off “meme season” 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 — compared to the original Ethereum token.
Pepe the Frog was created by cartoonist Matt Furie, who debuted the character in a comic book called “Boy’s Club” in 2006. Over time, the character gained a following, making Pepe a popular meme character.
According to the ADL, Pepe was “appropriated” by people to communicate “racist, antisemitic or other bigoted themes” — particularly from the “alt-right” 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 creation’s alt-right association, Furie played it down as a passing phase — adding that Pepe’s charm will restore his rightful legacy soon enough.
“It’s just a phase, it’s 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.”
Social media is awash with pushback over Coinbase’s stance toward Pepe. Kenobi said he was waiting on his withdrawals to finish processing before closing his Coinbase account.
“I cannot in good conscience maintain an account with a company who is clearly manipulating markets with their baseless FUD and attack on $pepe.”
Likewise, seacasa assumed a “Gen Z” Coinbase employee wrote the email — which has now “naively dragged” the company down by assuming a blip in the character’s 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 Pepe’s history.
“The thing is, they didn’t explain any of the positive sides of the story.”
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.
Post-publication amendment – On May 11, at approximately 17:00 BST, Coinbase’s Chief Legal Officer Paul Grewal apologized in a tweet, stating, “we screwed up,” – he acknowledged that the email presented a one-sided account of Pepe’s history.
Samuel is a strong believer in individual autonomy and personal freedom. He is a relative newcomer to the world of cryptocurrency, having first bought Bitcoin in early 2017, but keen to make up for the lost time.
Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
PEPE is a deflationary memecoin launched on Ethereum.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Shiba Inu (SHIB) is a decentralized meme token that aims to be the Ethereum-based counterpart to Dogecoin’s Srypt-based mining algorithm. According to SHIBA INU, the reasoning behind the creation of SHIBA is that Shibas constantly forget where they bury their treasure.
Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
Rumors suggest that ex-Meta COO Sheryl Sandberg could lead the firm.
The U.S. lawmakers said the SEC was yet to provide adequate responses for its inquiries into its activities.
Transactions were only partially processed for a period of 25 minutes.
On-chain analyst Lookonchain reported how a whale exchanged almost all of its assets for PEPE and made a profit of $1.23 million.
Binance warned that Pepe insiders bought 7% of its total supply, adding that it has no token utility or value support mechanism.
Worldcoin, founded by Sam Altman, is set to launch its WLD token this year.
The anonymous vigilante reportedly found 986 unique Bitcoin addresses between March 2022 and April 2022 that they claimed were used by Russian security agencies.
The Berkshire Hathaway Chair likened interest in Bitcoin to the lure of easy money gambling.
Dennis Porter said ‘We are winning’ in response to the state of North Carolina passing bill blocking CBDC payments.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
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