Coinbase has identified PEPE the Frog as a hate symbol, which has led to backlash from its dedicated community.

On May 10, Coinbase released a contentious newsletter that delved into the burgeoning memecoin PEPE and its emblematic figure, Pepe the Frog. Within this communication, they referred to Pepe as a 'hate symbol' claiming it was appropriated by alt-right factions. This has incited a strong response from the memecoin community, leading to calls for a boycott against Coinbase.

The information came to light when Borovik.eth A screenshot of the newsletter was shared in a tweet for public scrutiny.

PEPE was introduced approximately three weeks ago and features an enormous supply of 420 trillion tokens, establishing its dominance in the memecoin space. This token draws inspiration from the Pepe the Frog meme, which originated nearly two decades ago as a comic-book character. Over the years, it has been misappropriated by alt-right groups, as highlighted by the Anti-Defamation League.

This is an excerpt from Coinbase's newsletter.

Coinbase links the PEPE image to the 2016 ruling by the Anti-Defamation League that labeled frog-themed characters as symbols of online hate. This characterization has infuriated holders and supporters of the frog memecoin, prompting Coinbase to apologize while many users began to close their accounts.

For emphasis, a Twitter user and solidity developer made their position clear. Kenobi They utilized the hashtag #deletecoinbase in their posts, asserting their support for the cartoon frog and rejecting the notion that it represents hate. In just two hours, over 14,000 tweets used the #deletecoinbase hashtag, as reported by Tweetbinder.

After Binance announced the PEPE token for trading on May 5, users across various cryptocurrency exchanges have urged their platforms to follow suit. However, Coinbase has yet to disclose any decision regarding listing the Pepe token.

The Winklevoss-owned exchange, Gemini, made headlines. listed On May 9, they shared news about the memecoin, suggesting that it was presented with an open perspective.

The Gemini description states: ' $pepe builds upon the beloved 'Pepe the Frog' meme created by Matt Furie in the early 2000s. ' $pepe carries on the legacy of empowering individuals with control over their finances. We won't dictate what money should be; that power lies with you. Our goal is to provide you with more options, independence, and opportunities as we aim to usher in a new age of financial, creative, and personal freedom.'

After Coinbase’s commentary on Pepe, the memecoin's value dipped by 2.6% shortly after the announcement. As of this report, Pepe's market price stands at $0.00000184, reflecting a decline of 10.4% within the preceding day, based on data gathered from. CoinGecko .

• $KING, an innovative memecoin on the Solana blockchain, is now available on BitMart, a renowned global cryptocurrency exchange. This new listing enhances visibility and accessibility for $KING and its community. help An on-chain analyst has accused the Indian crypto exchange BitBNS of concealing a $7.5 million hack.

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