Coinbase Faces Backlash Over Pepe Coin Controversy

Coinbase's Controversial Newsletter

Coinbase recently ignited controversy with a newsletter describing Pepe Coin as a hate symbol. This statement, which referred to a decision by the Anti-Defamation League in 2016, has led to significant backlash from the crypto community.

Community Backlash and #deletecoinbase Trend

The description of Pepe Coin as an alt-right hate symbol has outraged its community. Many users have voiced their dissatisfaction, with some indicating intentions to close their accounts. The hashtag #deletecoinbase has gained momentum on Twitter, with thousands of tweets expressing discontent. Influencers and users alike are urging others to move to alternative platforms like Kraken.

Impact on Coinbase and Market Reactions

The backlash could potentially harm Coinbase's reputation and client base. As users express their displeasure, there is growing concern about the company's ability to retain its crypto-focused clientele. This controversy comes at a time when Pepe Coin has been gaining attention, despite a recent 61% drop in its value.

Pepe Coin's Rapid Rise

Pepe Coin, despite its recent decline, has seen rapid growth and listings on major exchanges like Binance. The controversy surrounding its classification as a hate symbol has added to its notoriety.

Coinbase's decision to label Pepe Coin controversially continues to spark debate and reaction across the crypto community. The unfolding situation highlights the ongoing tensions between digital asset platforms and their user bases.