Coinbase recently ran into some controversy when they described memecoin $Pepe @pepecoineth as a “hate symbol” co-opted by alt-right groups. Prominent crypto influencer Borovik.eth shared a screenshot of the offending email, prompting many to call for a boycott of the exchange. In response to the outcry, Coinbase Chief Legal Officer Paul Grewal apologized and removed the token from its platform, as well as donating all of the proceeds to charities that promote diversity and inclusion. At the same time, a new challenger has emerged on the meme scene. Seattle-based $LOVESNOOPY is a meme token with a Snoopy theme. Curated from the immense love of all things Snoopy, it aims to become the new ‘meme king’ and unseat $PEPE. The episode demonstrates the power of popular sentiment in the world of cryptocurrency, and reminds us of the importance of doing due diligence before diving into volatility. Exchanges like Coinbase as well as token holders need to tread carefully, since what is meant as a joke might be taken seriously and attract the wrong kind of attention. #cryptocurrency #Coinbase #MemeTokens #Pepecoin #LOVESNOOPY @Coinbase @Borovik_eth
Coinbase has apologized for inadvertently tying the meme-based cryptocurrency Pepecoin to racist symbols. The cryptocurrency was created as a joke to celebrate the 10th anniversary of the Pepe the Frog meme, but some users were concerned that the token would be associated with far-right ideologies. In a statement, the company said that it was sorry for any confusion or offense caused by its decision to list the token. It went on to explain that the token was chosen because of its connection to a popular meme, and that the company had no intention of promoting any particular political agenda. Coinbase also said that it had removed the token from its platform and that it would be donating all of the proceeds from the sale of the token to charities focused on promoting diversity and inclusion. The company also said that it was taking steps to ensure that something like this does not happen in the future, including a more thorough vetting process for new tokens and improved communication with the community about its decisions.