Pepecoin (PEPE) investors have launched a Twitter campaign against Coinbase after its newsletter warned of the token’s volatility and association with the alt-right. Coinbase Bytes’ weekly newsletter highlighted the surge in recent memecoin trading and cautioned against their price fluctuations, with PEPE leading the activity.
The newsletter also noted the token’s association with the Pepe the Frog meme, which was adopted as a hate symbol by alt-right groups in the past. The criticism led to the hashtag #DeleteCoinbase on Twitter, with some users threatening to switch to other exchanges.
Pepe the Frog started as an online cartoon character in 2005 and later became a popular internet meme. Some meme versions have racist and antisemitic connotations, particularly those used by the “alt-right.” However, not all Pepe memes are bigoted, and context matters when interpreting their use. Pepe’s creator, Matt Furie, and the Anti-Defamation League (ADL) launched a campaign in 2016 to reclaim the meme from the alt-right and successfully removed images of Pepe from far-right websites.
In response to the backlash from crypto Twitter about its newsletter, Coinbase’s Chief Legal Officer, Paul Grewal, issued the following tweet:
Pepecoin (PEPE) investors have launched a Twitter campaign against Coinbase after its newsletter warned of the token’s volatility and association with the alt-right. Coinbase Bytes’ weekly newsletter highlighted the surge in recent memecoin trading and cautioned against their price fluctuations, with PEPE leading the activity.
The newsletter also noted the token’s association with the Pepe the Frog meme, which was adopted as a hate symbol by alt-right groups in the past. The criticism led to the trending hashtag #DeleteCoinbase on Twitter, with some users threatening to switch to other exchanges.
Pepe the Frog started as an online cartoon character in 2005 and later became a popular internet meme. Some meme versions have racist and antisemitic connotations, particularly those used by the “alt-right.” However, not all Pepe memes are bigoted, and context matters when interpreting their use. Pepe’s creator, Matt Furie, and the Anti-Defamation League (ADL) launched a campaign in 2016 to reclaim the meme from the alt-right and successfully removed images of Pepe from far-right websites.
In response to the backlash from crypto Twitter about its newsletter, Coinbase’s Chief Legal Officer, Paul Grewal, issued the following tweet:
The newsletter post itself was also edited, with all mentions of Pepe’s association with the alt-right being removed.
The controversy surrounding Pepecoin and its association with the alt-right highlights cryptocurrency exchanges’ challenges in balancing financial opportunities with social responsibility. Nonetheless, the #DeleteCoinbase campaign on Twitter shows the power of social media in holding companies accountable for their actions.
Coinbase’s apology demonstrates a willingness to listen to its customers and take steps to address their concerns. As the cryptocurrency market continues to evolve, exchanges need to consider the impact of their decisions on both financial markets and broader society.
The newsletter post itself was also edited, with all mentions of Pepe’s association with the alt-right being removed.
The controversy surrounding Pepecoin and its association with the alt-right highlights cryptocurrency exchanges’ challenges in balancing financial opportunities with social responsibility. Nonetheless, the #DeleteCoinbase campaign on Twitter shows the power of social media in holding companies accountable for their actions.
Coinbase’s apology demonstrates a willingness to listen to its customers and take steps to address their concerns. As the cryptocurrency market continues to evolve, exchanges need to consider the impact of their decisions on both financial markets and broader society.
