Coinbase Calls PEPE a ‘Hate Symbol,’ Prompting Calls to Boycott the Exchange

A Coinbase email identifying memecoin Pepe (PEPE) as a “hate symbol” co-opted by alt-right organisations has sparked outrage in the memecoin community.  Borovik. eth, a prominent crypto influencer, posted a screenshot of the email newsletter dated May 10 with his 96,000 followers, citing the Anti-Defamation League’s 2016 decision to include the frog-themed figure in its database of online hate symbols.

Fans and holders of the frog-themed memecoin were offended by the token’s description, prompting calls for Coinbase to issue an apology and users to begin canceling their Coinbase accounts.

Pseudonymous Twitter user and solidity developer @Kenobi said that Pepe is not a sign of hatred and that, as a result, he would be transferring assets to the US-based crypto exchange Gemini, concluding his statement with the hashtag: “#deletecoinbase.”

According to Tweetbinder data, the hashtag “#deletecoinbase” has hit Twitter’s trending meter, with over 14,000 messages in the previous 2 hours and counting. Since Binance launched the token for trade on May 5, Pepe-holding crypto Twitter users have been requesting that leaders from a number of cryptocurrency exchanges list the token as well.

Coinbase hasn’t said much about whether it plans to list the Pepe cryptocurrency on its exchange.

In an emailed comment to Cointelegraph, a Coinbase official stated that there was “nothing else to add.” Gemini CEO Cameron Winkelvoss was clearly listening, as the Winklevoss-owned crypto exchange registered the memecoin for trade on May 9, with a more open-ended description of the new token.

Pepe’s price decreased 2.6% in the hours after word of Coinbase’s explanation spread on Twitter. According to CoinGecko data, Pepe is trading at $0.00000184 at the time of posting, down 10.4% in the last 24 hours.