USA-based cryptocurrency exchange Coinbase has recently sent out an email newsletter to users describing the popular Pepe (PEPE) memecoin as a “hate symbol”, and the exchange is getting quite the backlash from the Pepe community.

In the newsletter, Coinbase had this to say about the coin which has created ripples across the wide cryptocurrency market:

“PEPE, which was issued around three weeks ago with a comically huge supply of 420 trillion tokens, has been leading the memecoin activity. The token is based on the Pepe the Frog meme, which first surfaced on the internet nearly 20 years ago as a comic-strip character. Over time it has been co-opted as a hate symbol by alt-right groups, according to the Anti-Defamation League.”

Perhaps Coinbase was not directly attacking the Pepe community, but fanatics of the frog-themed digital coin are outraged at Coinbase, calling for the crypto exchange to issue a formal apology as users began deleting their Coinbase accounts in a frenzy.

At the time of writing, the PEPE price-tag is $0.000001636, dropping more than 15% during the past 24 hours to carry on its downward-trending trajectory since setting all-time highs on May 5th.

Sources:

https://cointelegraph.com/news/coinbase-calls-pepe-a-hate-symbol-prompting-calls-to-boycott-the-exchange

https://beincrypto.com/coinbase-boycott-backlash-email-pepe-hate-symbol/

https://twitter.com/hawkwardart/status/1656455828336005123

https://coinmarketcap.com/currencies/pepe/