Coinbase,
the largest cryptocurrency exchange in the United States, is facing backlash on
Twitter for a newsletter article published on its website. In the article, the
author described Ethereum -based meme coin, Pepe, as a coin “that has been
co-opted as a hate symbol by alt-right groups,” citing the Anti-Defamation
League for the description.

Pepe, which
was launched in mid-April, is named after the Pepe the Frog internet meme. Over the
weekend, the meme coin became
the fastest Ethereum token to hit the $1 billion mark as meme coin trading topped $2.3 billion during the
past week. However,
the market capitalization of Pepe has dropped significantly in the past seven
days, from about $1.65 billion to about $627 million, according to
CoinMarketCap.

The market cap of Pepe dropped from about $1.65B to about $627M over the past seven days.

“For a few,
speculation on meme coins has
led to massive profits, but that doesn’t come without risks too — sometimes
meme coin
frenzies even precede broad declines in Bitcoin and Ethereum,” the article on
Coinbase states.

Coinbase at
the article ended a disclaimer, noting that “The views and opinions expressed
herein are those of the author and do not necessarily reflect the views of
Coinbase or its employees.” However, the comment on Pepe as a ‘hate symbol’
appeared to have unsettled some in the cryptocurrency community.

Reacting, so-called Cryptopunk rapper, Spottie WiFi, called the Pepe community “a movement.”

Kenobi, a so-called musician and educator, noted that that “Pepe is not a symbol of hate,” adding that he will be closing down his accounts with Coinbase.

Also contributing, Twitter account Pauly, demanded an apology from Coinbase.

Another account, Autism Capital, critized Coinbase for passing “mixed messages.”

Coinbase,
the largest cryptocurrency exchange in the United States, is facing backlash on
Twitter for a newsletter article published on its website. In the article, the
author described Ethereum -based meme coin, Pepe, as a coin “that has been
co-opted as a hate symbol by alt-right groups,” citing the Anti-Defamation
League for the description.

Pepe, which
was launched in mid-April, is named after the Pepe the Frog internet meme. Over the
weekend, the meme coin became
the fastest Ethereum token to hit the $1 billion mark as meme coin trading topped $2.3 billion during the
past week. However,
the market capitalization of Pepe has dropped significantly in the past seven
days, from about $1.65 billion to about $627 million, according to
CoinMarketCap.

The market cap of Pepe dropped from about $1.65B to about $627M over the past seven days.

“For a few,
speculation on meme coins has
led to massive profits, but that doesn’t come without risks too — sometimes
meme coin
frenzies even precede broad declines in Bitcoin and Ethereum,” the article on
Coinbase states.

Coinbase at
the article ended a disclaimer, noting that “The views and opinions expressed
herein are those of the author and do not necessarily reflect the views of
Coinbase or its employees.” However, the comment on Pepe as a ‘hate symbol’
appeared to have unsettled some in the cryptocurrency community.

Reacting, so-called Cryptopunk rapper, Spottie WiFi, called the Pepe community “a movement.”

Kenobi, a so-called musician and educator, noted that that “Pepe is not a symbol of hate,” adding that he will be closing down his accounts with Coinbase.

Also contributing, Twitter account Pauly, demanded an apology from Coinbase.

Another account, Autism Capital, critized Coinbase for passing “mixed messages.”





Source link

RELATED ARTICLESMORE FROM AUTHOR