Popular cryptocurrency exchange Coinbase has sent its users an email newsletter about the rise of meme coins. Then, it drew backlash from many in the community. Here are the details…
Coinbase reacted with PEPE comment
The famous cryptocurrency exchange Coinbase found itself in controversy, especially after mentioning Pepe Coin (PEPE). While the news release referred to PEPE as the “memecoin of the moment”, it was also stated that the “Pepe the Frog” meme inspired by the token was embraced as a symbol of hatred by far-right groups, according to the Anti-Defamation League. . This caused a backlash in the community supporting the PEPE meme coin. Many asked Coinbase to apologize and remove the negative remarks about PEPE from the newsletter.
The controversy led to the hashtag #DELETECOINBASE trending on Twitter. Users warned that they will delete their Coinbase account. In response, Binance, another cryptocurrency exchange, has expanded its support for PEPE and FLOKI after listing it last week. However, the price of PEPE has fallen 9 percent in the last 24 hours to trade at $0.0000017 and trading volume has increased slightly.
Does the exchange list meme coin?
The discussions also raised questions about whether Coinbase would list PEPE. But the exchange is likely to avoid doing so due to disagreements with the U.S. Securities and Exchange Commission (SEC) over listing the securities. Coinbase’s newsletter is leading the rise of the ongoing meme coin craze, PEPE, which has grown nearly 55,000 percent since its mid-April issue and reached a market cap of $1.8 billion in less than three weeks, making it one of the fastest growing tokens of all time. stated that he did. The newsletter also followed the growth of Bitcoin-based meme coins following the enactment of the BRC-20 token standard, which allows developers to issue tokens directly on the Bitcoin Blockchain.
The controversy surrounding Coinbase’s email newsletter underscores the challenges of navigating the intersection of cryptocurrency and politics, especially in the current climate of increasing sensitivity to hate speech and extremism. While many in the cryptocurrency community view meme coins as a harmless form of entertainment, others see them as a way to spread hatred and discrimination. As cryptocurrency continues to gain mainstream acceptance, these issues are likely to become increasingly important and controversial.
The discussions also highlight the power of the cryptocurrency community to create change and hold exchanges accountable. The DELETECOINBASE hashtag is just one example of how the community can use social media to make their voices heard. However, it is not yet clear whether the controversy will have a long-term impact on Coinbase’s business or reputation.
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