Before we talk about the Pepe vs Coinbase issue, lets find out a little about the latest trend in the crypto world.
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What is Pepe Coin?
Pepe Coin ($PEPE) is a memecoin built on Ethereum that has gained significant popularity since its launch in April 2023, quickly becoming one of the top 50 traded cryptocurrencies.
In just three weeks, it reached a market capitalization of over $1 billion, much faster than the popular DOGE memecoin. Despite its extreme volatility, the number of individual holders continues to grow.
The Pepe Coin official website states that it is intended solely for entertainment purposes, and that its tokens have no intrinsic value, with no expectation of financial return.
However, over 100,000 investors have already purchased $PEPE, and the memecoin has been recognized by major exchanges such as Bybit, Gemini, and Binance.
Pepe Coin’s maximum supply is 420,690,000,000 tokens, with 93.1% in the liquidity pool and the remaining 6.9% allocated to a multi-signature wallet for future use.
The coin employs a deflationary mechanism that burns a small percentage of tokens with each transaction, which creates scarcity and potentially increases the value of the remaining tokens over time.
Additionally, it uses a redistribution system in which a portion of every transaction is distributed to existing token holders, encouraging user engagement and long-term investments.
Pepe vs Coinbase; Here’s What Happened
Coinbase, a major cryptocurrency exchange, has issued an apology to the PepeCoin (PEPE) community after its description of the original Pepe the Frog meme as a hate symbol by alt-right groups in a Wednesday newsletter caused uproar among its fans and holders.
The apology was issued by Coinbase’s Chief Legal Officer, Paul Grewal, on Twitter, where he admitted that the exchange had “screwed up” and had failed to provide a full picture of the meme’s history.
The apology came after the hashtag “#DeleteCoinbase” trended on Twitter and crypto influencers criticized Coinbase’s characterization of Pepe as “fraud” and “manipulation”.
Pepe the Frog was originally created as an innocent animated character by artist Matt Furie in 2005, but later became a popular internet meme and was embraced by the alt-right and white supremacists during the 2016 U.S. presidential election.
However, Furie engaged in multiple lawsuits to reclaim Pepe from those associations and won a settlement against far-right provocateur Alex Jones’ show Infowars in 2019 over unauthorized use of the Pepe image in alt-right media. In recent years, Pepe has enjoyed a resurgence in the crypto community, most recently in the form of a viral memecoin called PepeCoin.
Launched last month, PepeCoin began as a joke cryptocurrency created in the same vein as Dogecoin. The near-worthless coin arrived with little fanfare until a crypto investor bought trillions of PEPE for $250, which he turned into $1.02 million.
PEPE became an overnight sensation and surpassed a $1 billion market cap after being launched on Binance, the world’s largest cryptocurrency exchange. However, the coin is still worth well under a single cent and has fallen over 61% in value since last week’s high, according to CoinGecko.
Would Pepe Pump or Dump?
Based on technical analysis and current market trends, Pepe Coin is one of the top-performing meme tokens in 2023.
However, it’s important to note that Pepe Coin has no intrinsic value or expectation of financial return, and is primarily used for entertainment purposes only. The project does not have a formal team or roadmap and was launched without presale or taxes.
Despite this, Pepe tokens can be found on popular crypto exchanges like Binance and KuCoin, and its listing on additional exchanges could lead to further price increases in the future.
Summary
In summary Pepe Coin ($PEPE) is a memecoin built on Ethereum that has gained significant popularity since its launch in April 2023, quickly becoming one of the top 50 traded cryptocurrencies.
In just three weeks, it reached a market capitalization of over $1 billion, much faster than the popular DOGE memecoin. However, PepeCoin has no intrinsic value or expectation of financial return, and is primarily used for entertainment purposes only.
Despite this, Pepe tokens can be found on popular crypto exchanges like Binance and KuCoin, and its listing on additional exchanges could lead to further price increases in the future.
Coinbase, a major cryptocurrency exchange, has issued an apology to the PepeCoin (PEPE) community after its description of the original Pepe the Frog meme as a hate symbol by alt-right groups in a Wednesday newsletter caused uproar among its fans and holders.
Despite the decline, the PepeCoin community appeared to be back in high spirits after Coinbase’s apology, with some community members depicting Coinbase CEO Brian Armstrong as re-committed to the meme token faith. Join our whatsapp community for more related information.
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