{"id":18568,"date":"2023-05-11T20:42:57","date_gmt":"2023-05-11T20:42:57","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/coinbase-boycott-explained-pepe-community-reacts-to-hate-symbol-label\/"},"modified":"2023-05-11T20:43:02","modified_gmt":"2023-05-11T20:43:02","slug":"coinbase-boycott-explained-pepe-community-reacts-to-hate-symbol-label","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/coinbase-boycott-explained-pepe-community-reacts-to-hate-symbol-label\/","title":{"rendered":"Coinbase Boycott Explained: $PEPE Community Reacts to \u201cHate Symbol\u201d Label"},"content":{"rendered":"<div>\n<h2 id=\"h-the-alpha\">The Alpha:<\/h2>\n<ul>\n<li>Coinbase is facing backlash for labeling Pepe the Frog, the mascot of the $PEPE memecoin, as a hate symbol associated with the alt-right.<\/li>\n<li>A newsletter sent out via email to Coinbase customers sparked outrage within the $PEPE community, leading to calls for Web3 to boycott the exchange and \u201c#DeleteCoinbase\u201d to start trending on Twitter.<\/li>\n<li>Some users are now migrating their $PEPE holdings to Gemini as the price of the popular memecoin continues to fall.<\/li>\n<\/ul>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\">\n<h2>Dive deeper:<\/h2>\n<p>Coinbase ignited controversy this week by labeling Pepe the Frog, the mascot of the $PEPE memecoin, as a hate symbol associated with the alt-right. In a newsletter sent out to Coinbase subscribers on May 10, the company acknowledged the recent surge in popularity of $PEPE but pointed to Pepe\u2019s controversial history in a now-deleted section. <\/p>\n<p>The email\u2019s characterization of the frog meme referenced the 2016 designation of Pepe as a hate symbol by the Anti-Defamation League (ADL) due to its adoption by alt-right groups. Yet, members of the $PEPE community feel this to be a <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/moneymitch_9\/status\/1656469966403543045?s=20\" target=\"_blank\">somewhat tone-deaf<\/a> misrepresentation of Pepe, considering the character\u2019s long history within the crypto and NFT space.<\/p>\n<p>Although in the past, Pepe may have been associated with and co-opted by right-wing hate groups, the frog\u2019s creator, <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/Matt_Furie?\" target=\"_blank\">Matt Furie<\/a>, has sought to distance the character from any sinister connotations. To do so, Furie even formed the #SavePepe campaign in collaboration with the ADL in an effort to reclaim the symbol. Furthermore, $PEPE community members noted that Coinbase\u2019s characterization of Pepe <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/AdamZiz\/status\/1656409419242930182?s=20\" target=\"_blank\">seems to ignore<\/a> the fact that Furie has been leveraging his Pepe IP on the blockchain as a prominent part of the NFT space for years. <\/p>\n<p>Now, calls for a boycott of Coinbase have emerged, with the hashtag \u201c#DeleteCoinbase\u201d trending on Twitter.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><\/figure>\n<h2>What\u2019s next<\/h2>\n<p>As illustrated by Kenobi\u2019s above tweet, the controversy surrounding Coinbase\u2019s labeling of Pepe the Frog as a hate symbol has led many avid $PEPE traders to distance themselves from the popular exchange in favor of its competitor, Gemini. Although $PEPE was only listed on Gemini <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/Gemini\/status\/1656042476375818266?s=20\" target=\"_blank\">a day before<\/a> the Coinbase email was sent out, by <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/Jclineshow\/status\/1656500973517373442\" target=\"_blank\">some reports<\/a>, the exchange has already seen an influx of over two trillion $PEPE.<\/p>\n<p>Seemingly though, the ongoing controversy isn\u2019t only about whether Coinbase is in the wrong, but rather, about the responsibilities of exchanges and other prominent platforms in ethically navigating discourse surrounding cultural symbols. Because amid the conversation inspired by the initial email, Coinbase\u2019s Chief Legal Officer, Paul Grewal, who <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/iampaulgrewal\/status\/1655667730186645506?s=20\" target=\"_blank\">previously emphasized<\/a> the importance of public discourse to foster collaboration, issued an apology on behalf of his company\u2019s decision.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We screwed up and we are sorry. <\/p>\n<p>Yesterday we shared an overview of the <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/search?q=%24pepe&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$pepe<\/a> meme coin to provide a fact-based picture of a trending topic. This did not provide the whole picture of the history of the meme and we apologize to the community.<\/p>\n<p>\u2014 paulgrewal.eth (@iampaulgrewal) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/iampaulgrewal\/status\/1656688561742131201?ref_src=twsrc%5Etfw\">May 11, 2023<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>While this debacle continues to unfold, #DeleteCoinbase has been underlined by the fact that, in the wake of Coinbase\u2019s criticisms, the price of $PEPE has begun to decline. Although the popular token has continued to lead the \u201cmemecoin season\u201d charge as numerous other adjacent currencies crop up, it has dropped by around 15 percent in the past 24 hours alone, according to CoinGecko.<\/p>\n<h3>In case you missed it<\/h3>\n<\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Alpha: Coinbase is facing backlash for labeling Pepe the Frog, the mascot of the $PEPE memecoin, as a hate symbol associated with the alt-right. A newsletter sent out via email to Coinbase customers sparked outrage within the $PEPE community, leading to calls for Web3 to boycott the exchange and \u201c#DeleteCoinbase\u201d to start trending on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[43],"tags":[],"class_list":["post-18568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coinbase Boycott Explained: $PEPE Community Reacts to \u201cHate Symbol\u201d Label | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/nft\/coinbase-boycott-explained-pepe-community-reacts-to-hate-symbol-label\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coinbase Boycott Explained: $PEPE Community Reacts to \u201cHate Symbol\u201d Label | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"The Alpha: Coinbase is facing backlash for labeling Pepe the Frog, the mascot of the $PEPE memecoin, as a hate symbol associated with the alt-right. 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