Breaking crypto news: popular crypto exchange Coinbase has called the new memecoin Pepe a ‘symbol of hate’, causing quite a bit of controversy within the Twitter community and beyond.
In particular, an email newsletter sent to Coinbase customers on the 10th of May has caused a considerable backlash from the Pepe community, below are all the details.
Coinbase crypto exchange against PEPE: why?
As expected, a recent email sent to Coinbase customers describes the new memecoin Pepe as a “symbol of hate”. Predictably, Coinbase’s accusations have caused quite a bit of controversy within the PEPE memecoin community.
Specifically, popular crypto influencer Borovik.eth shared a screenshot of the 10 May email newsletter to his followers, which cites a 2016 decision by the Anti-Defamation League to include the frog-themed character in its database of online hate symbols.
Naturally, Memecoin supporters and holders were outraged by the description given to the token and called on Coinbase to apologise and for users to begin deleting their accounts with the cryptocurrency exchange.
Responses from Pepe supporters to accusations by crypto exchange Coinbase
Looking at the comments and responses from Pepe Coin supporters, we see that not all of them have been very lenient.
In particular, the pseudonymous Twitter user and Solidity developer Kenobi stated that Pepe is not a symbol of hate and that he will therefore transfer his funds to the Gemini cryptocurrency exchange.
His tweet also included 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 asks you to retract your vulgar statement about Pepe Coin”.
As a result, the hashtag #deletecoinbase has become a Twitter trend in its own right, with over 14,000 tweets in the last two hours and still rising, according to Tweetbinder data.
As we know, since Binance listed the token for trading on the 5th, Crypto Witter members holding Pepe have also been calling on the heads of a number of crypto exchanges to do the same.
In this regard, Coinbase has given little indication of its intention to list the Pepe token on its exchange.
So with the latest comments from Armstrong’s exchange, we may have an explanation as to why it has not yet listed Pepe on its exchange.
Focus on the price of PEPE
As expected, the price of Pepe dropped by 2.6% in the hours following the news of Coinbase’s description circulating on Twitter. Currently, Pepe is trading at a price of $0.00000184, down 10.4% in the last 24 hours, according to CoinGecko data.
However, the token managed to break the resistance line and the crucial price reversal zone with a long green candle on heavy volume, and also created another one on high volume to confirm the break.
Currently, the price has dropped from one of the key support zones, but still shows several possibilities: a 100% bounce or a 70% drop. In other words, the price has now fallen below the crucial ascending triangle, which has opened up the possibility of a bullish breakout.
Currently, the RSI is floating in the oversold territory, while the ADX is bearish, indicating that the downward trend may continue until the support at $0.00000143.
In summary, if the price fails to hold this level, extended bearish sentiment could drag the symbol towards the next lower target at $0.00008155.
Although a bullish bounce seems to be the need of the hour, the trend is expected to remain bearish for a long time.
As such, further gains could be erased as the price of PEPE could fall sharply. In addition, market sentiment is expected to remain bearish for a long time, which may reduce the chances of a healthy rebound at this time.