Coinbase Faces Backlash for Mischaracterizing Pepe the Frog Meme and Endorsing Speculative Meme Coin

A mischaracterization of the Pepe the Frog meme as a weapon of racists in Coinbase's most recent newsletter infuriated many users on cryptocurrency Twitter, and several users accused the exchange of endorsing a highly speculative meme coin. The newsletter, which was released on May 10, focused on PEPE's growth as a token based on the well-known Pepe the Frog meme.



PEPE's value has risen dramatically in recent weeks, rising from a market cap of a few hundred thousand in April to a high of more than $1.5 billion on May 5. But in less than a week, the token's value has dropped by more than half.



The PEPE community in particular was furious at how the Pepe the Frog meme was depicted in the newsletter, as #DeleteCoinbase trended on Twitter. Coinbase has since apologized for its coverage of PEPE, saying that it "screwed up." The
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