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After designating the Pepe meme coin as a “hate symbol” in an email, Coinbase’s Chief Legal Officer, Paul Grewal, publicly apologized for the incident. As a result of this contentious decision, numerous users chose to boycott the exchange.
Paul Grewal Apologizes For Designating Pepe Meme Coin As “Hate Symbol” on Coinbase
Grewal acknowledged the mistake in a tweet on May 11, admitting that the exchange had mishandled the data related to the Pepe meme coin. He pointed out that certain alt-right groups had adopted the coin, considering it a symbol of hate. The exchange aimed to provide users with an accurate depiction of a trending topic.
CLO of @coinbase just released an apology on their $pepe email pic.twitter.com/Q5cAo0AraE
— borovik (@3orovik) May 11, 2023
In response to Grewal’s apology, the crypto community on Twitter expressed mixed reactions. Some users called for Coinbase to list the token, while others joined the “#deletecoinbase” campaign, which gained traction after a user named borovik.eth shared the controversial Coinbase email.
Several exchanges, including Binance, OKX, MEXC Global, Bitget, Gate.io, Gemini, and Huobi, have listed the meme coin amidst the token’s popularity.
Amidst the controversy, Kenobi, a pseudonymous Twitter user and solidity developer, declared that Pepe is not a symbol of hate and announced a plan to transfer funds to Gemini, a US-based crypto exchange, using the hashtag “#deletecoinbase.”
However, not all community members took a definitive stance on the issue. Twitter user 6101.eth expressed neutrality, stating that they did not feel compelled to delete their Coinbase account based on an allegedly misinformed newsletter.
Despite the negative impact of the labelling incident, Pepe’s price dropped by 30% to $0.000001359, following the news about Coinbase’s description circulating on Twitter. Nonetheless, the meme coin’s value had previously surged significantly, reaching an all-time high of approximately $0.000004 on May 4.
Unique Prospects Distinguish PEPE From Market Competitors
Pepe (PEPE) has emerged as a popular memecoin on the Ethereum blockchain, quickly gaining traction since its launch in April 2023 and ranking among the top 50 traded cryptocurrencies.
Unlike the gradual rise of DOGE memecoin, which took nearly four years to surpass $1 billion in market capitalization, Pepe achieved this milestone in just three weeks. While the price of PEPE has displayed significant volatility, the number of individual holders continues to grow steadily.
Interestingly, the official website of Pepe states that it is purely for entertainment purposes, devoid of any intrinsic value or expectation of financial returns. Nevertheless, over a hundred thousand investors have acquired PEPE, and major exchanges such as Bybit, Gemini, and Binance have acknowledged its existence.
The liquidity pool holds 93.1% of PEPE tokens, while the remaining 6.9% has been set aside in a multi-signature wallet for future purposes, all within the context of a maximum token supply of 420,690,000,000.
Pepe implements a deflationary mechanism, burning a small percentage of tokens during each transaction to foster scarcity and potentially drive up the value of the remaining tokens over time. Additionally, it incorporates a redistribution system that allocates a portion of each transaction to existing token holders, promoting user engagement and long-term investments.
To acquire Pepe, investors must set up a MetaMask, Coinbase, or Uniswap wallet capable of sending and receiving Ethereum and other ERC-20 tokens. Once the wallet is established, users can exchange ETH for PEPE.
It is crucial to recognize the associated risks when investing in Pepe. Currently, a small number of investment whales hold significant amounts of the token, and their trading activities have led to sudden price fluctuations.
Pepe the Frog originated as a character created by artist Matt Furie for his comic book “Boy’s Club” in 2005. The character gained popularity as an internet meme and was widely shared on various social media platforms. However, during the 2016 U.S. presidential election, Pepe was co-opted by online communities to spread hate speech, racist ideologies, and other forms of discriminatory content.
In response, Furie collaborated with the Anti-Defamation League (ADL) to reclaim the character’s original positive context through initiatives like the “Save Pepe” campaign. While Furie has the legal right to seek compensation for commercial use of his creation, he currently appears to not actively pursue copyright claims against the creators of Pepe.
PEPE Price Prediction
The Pepe phenomenon on social media platforms, particularly Twitter, has seen numerous success stories of individuals making substantial profits. Notable examples include turning a $27 investment into over $4 million. However, these stories often end on a somber note.
Other investors have seen their initial $250 investment soar to over a million dollars, with the gains continuing to accumulate. Pepe experienced a significant surge of over 121% on the day it was listed on Binance, briefly reaching a market capitalization of over $1 billion. Token holders are aiming to surpass the value of Dogecoin, which would require a 12x increase from current levels.
The rise and popularity of Pepe in the crypto world have led to a multitude of copycat meme coins hoping to capitalize on the trend. While many of these new coins lack the same level of meme recognition as Pepe, they are still performing well amidst the ongoing mania.
It is crucial to acknowledge that most of these meme coins, including Pepe, hold little intrinsic value and their rise in price is primarily driven by speculative buying with the intention of selling at a higher price later on. Many of the knockoff coins that emerged during the Dogecoin-led meme frenzy have now become essentially worthless.
The impressive price increase and return on investment (ROI) of Pepe have caught many by surprise. Cryptocurrencies are known to experience exponential growth during their early stages, and Pepe has followed suit.
For instance, Dogecoin has witnessed a staggering 700,000% increase from its lowest point in 2015, while Ethereum achieved an ROI of over 370,000% since its launch. Even Bitcoin saw a remarkable growth of more than 50,000% during its initial cycle. The average ROI of these three cryptocurrencies stands at an astounding 373,333%.
This highlights the significant growth potential and profitability that Pepe might offer to investors willing to navigate the risks associated with this emerging market.
Can PEPE Flip DOGE?
The Pepe community aspires to surpass Dogecoin in terms of market capitalization. With Dogecoin’s current market cap at around $10 billion and Pepe’s current market cap at $770 million (at the time of writing), this would require at least a 12x increase in price.
If Dogecoin’s value remains constant, Pepe would reach approximately $0.000022116 per coin. However, if both Dogecoin and Pepe experience growth and Pepe outperforms Dogecoin by 12x, the price per token would be significantly higher.
Considering Dogecoin’s peak market cap of $88 billion in 2021, Pepe would need to increase over 113 times to surpass Dogecoin’s market cap. Given that Dogecoin has reached such heights before, Pepe still has the potential for a 100x return in the future.
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