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 exchange has also said that it will be more careful in the future about how it covers meme coins.