Coinbase's recent newsletter has irked crypto Twitter, with many users upset about a mischaracterization of the Pepe the Frog meme as a tool of racists
Crypto Twitter Attacks Coinbase Over Pepe Characterization
Coinbase's recent newsletter has irked crypto Twitter, with many users upset about a mischaracterization of the Pepe the Frog meme as a tool of racists and some others accusing the exchange of promoting a highly-speculative meme token. The newsletter, which was published on May 10, highlighted the rise of PEPE, a token based on the popular Pepe the Frog meme. PEPE has seen a meteoric rise in value in recent weeks, surging from a few hundred thousands in market cap in April to a peak of more than $1.5 billion on May 5. However, the token has since lost more than half of its value in less than a week.
The PEPE community in particular was furious at how the Pepe the Frog meme was depicted in the newsletter, as #DeleteCoinbase trended on Twitter. Coinbase has since apologized for its coverage of PEPE, saying that it "screwed up." The exchange has also said that it will be more careful in the future about how it covers meme coins.
The rise of PEPE is part of a broader trend of meme coins gaining popularity in the crypto space. In addition to the more popular PEPE token on Ethereum, a PEPE BRC-20 token is also one of the more popular assets issued via the controversial Ordinals protocol on Bitcoin.
