- Coinbase CLO Paul Grewal has apologized after the exchange’s email labeled the Pepe frog meme a “hate symbol”.
- Coinbase tried to provide users with a fact-based picture of a trending topic.
- Many users responding to Grewal’s apology called Coinbase to start listing the token.
Coinbase exchange Chief Legal Officer, Paul Grewal, has issued an official apology after the largest exchange in the US sent out an email that labeled Pepe meme coin as a “hate symbol”. The controversial move provoked a boycott of the exchange among many users.
We screwed up and we are sorry.
— paulgrewal.eth (@iampaulgrewal) May 11, 2023
Yesterday we shared an overview of the $pepe 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.
The post followed a move by the Coinbase exchange to provide users with a fact-based picture of a trending topic.
Also Read: PEPE bites the dust as new token Milady Meme Coin LADYS rallies 11,885% overnight
Coinbase exchange attempts to mend the Thursday screw up
The development came after a May 11 tweet where Grewal said the exchange had “screwed up” when it shared data concerning the Pepe meme coin. Grewal also highlighted that many buyers had co-opted the meme coin as several alt-right groups considered it a hate symbol.
Therefore, the exchange was trying to deliver to its users “a fact-based picture of a trending topic.”
Crypto Twitter has responded to Grewal’s apology, with others calling on Coinbase to list the token. Amid the token frenzy, some exchanges listing the meme coin include Binance, OKX, MEXC Global, Bitget, Gate.io, Gemini, and Huobi.
The development is a culmination of a May 10 email that drove Crypto Twitter to boycott the Coinbase exchange because Pepe was not a hate symbol. In the campaign, members of the space used the hashtag “#deletecoinbase”, which was trending following a move by pseudonymous user borovik.eth to reveal the Coinbase email.
Pseudonymous Twitter user and solidity developer, Kenobi, declared that Pepe is not a symbol of hate and that he would be moving funds to the United States-based crypto exchange Gemini as a result, completing his tweet with the hashtag “#deletecoinbase”.
I will be closing my personal and business accounts with @Coinbase and moving them to @Gemini.#PEPE IS NOT A SYMBOL OF HATE@brian_armstrong, the $PEPE community DEMANDS that you retract your vulgar statement about #PEPECOIN!!#DELETECOINBASE, SHORT $COIN
— Kenobi (@OG_Kenobi_Hello) May 11, 2023
Nevertheless, other community members took neutral positions, including Twitter user 6101.eth, who said, “I never felt the need to delete my Coinbase account based off some misinformed copy pasta newsletter intern.”
I never felt the need to delete my @coinbase account based off some misinformed copy pasta newsletter intern. I truly appreciate all CB is doing for crypto advocacy in the U.S.
— 6101.eth (@coaster89) May 11, 2023
I'm for one am hoping to see an apology email with the correct info sent out at the very least. $pepe
Meanwhile, Pepe (PEPE) price is $0.000001359, a daily drop of 30% after recording an outstanding rally over the last 30 days. The altcoin’s price fell 2.6% in the hours following news of Coinbase’s description circulating on Twitter. Despite the bearishness, it does not write off the meme coin’s remarkable rally, moving from the floor price to record an all-time high of around $0.000004 on May 4.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.