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- 1 Pepecoin was down by over 15% at the publication time.
- 2 Coinbase called the memecoin a ‘hate symbol.’
Lovers of Pepe the Frog are emerging stronger than ever on Twitter. Since Coinbase, the biggest exchange in the United States, has called Pepecoin (PEPE) a ‘hate symbol.’ The community has started a backlash against the company. The social media is flooded with posts where users are calling to boycott the crypto exchange. Over 36,000 such Tweets have emerged at the publication time.
The Community Is Not Happy
The crypto exchange started sending personal emails regarding the memecoin that sparked negative user sentiments towards the exchange. A user asked Brian Armstrong, CEO and co-founder of Coinbase, why he is lying about the cryptocurrency and calling it a hate symbol. Another user posted a picture of uninstalling the exchange’s mobile application.
Previously in a news article, The New York Times highlighted racial discrimination happening against colored people. However, a Coinbase spokesperson cleared it all out and said the organization is extremely strict about such behavior. Another PEPE community member tweeted that the scenario may negatively impact the company’s stock price.
COIN Stock Price Action
A closer look shows that COIN stock price has ascended by almost 33% in a week, unlike the user expected. Supertrend is marking another upsurge in the coming days supported by the klinger oscillator considering it has raised above the signal line. Average true range (ATR) appears relaxed at the moment, pointing towards decreased volatility in shares.
COIN stock has experienced a sharp decline since August 2022 while the major fall during the period came around earnings release. The company had missed the revenue by over 7% while missing earnings per share (EPS) by more than 2%.
High Optimism Among Pepecoin Community
According to data from IntoTheBlock, a blockchain analytics platform, active Pepecoin addresses decreased from 54.67k to nearly 10.54k during the past few days. Meanwhile, new addresses saw a downsurge from 9.72k to 3.53k in the same timespan.
However, social sentiments from the community remain more neutral than positive. Their Telegram channel had received 65 negative messages and 619 positive throughout the week. PEPE enthusiasts have called it a symbol of love unlike how Coinbase has portrayed it in emails to its customers.
The PEPE community remains active the most on Twitter. IntoTheBlock data shows that there were over 60,000 Tweets containing positive sentiments. Beeple, a digital artist, appears to be focused on the recent memecoin mania considering he has flooded the account with Pepecoin-based artworks.
His recent Tweet zero in how Pepe the Frogs have attacked coinbase. The NFT artist’s artworks are always aligned with what’s happening around the globe. In March, he posted an image of Donald Trump ‘breaking the chains’ while Joe Biden lies on a stone table.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
