Meme coins, according to Coinbase, enable investors to make significant profits quickly, but they should be avoided for long-term investment.
Coinbase Newsletter Highlights Pepe Token’s Growth
According to Coinbase’s newsletter, trade volume on meme currencies increased last week and reached $2.3 billion, more than six times greater than the week before and the biggest level since May 2021.
The newsletter stated that PEPE, which has increased by about 55,000% since its launch in mid-April and reached a market capitalization of $1.8 billion in less than three weeks, is driving the ongoing meme currency fever. PEPE is one of the fastest-growing tokens ever.
About BRC-20 Tokens
Following the launch of the Bitcoin Request for Comment (BRC-20) token standard, which enables developers to issue tokens directly on the Bitcoin blockchain, the company also monitored the expansion of Bitcoin-based meme coins.
However, the majority of these tokens turned out to be meme coins, and earlier this week, their cumulative market capitalization topped $1.8 billion.
Using the Pepe Meme in Politics
Nevertheless, the newsletter inflamed some members of the Crypto Twitter community by bringing up instances where the Pepe the Frog meme, which acts as the currency’s emblem, has been applied in a racist manner online.
The token is based on the Pepe the Frog meme, which first surfaced on the internet nearly 20 years ago as a comic-strip character. Over time it has been co-opted as a hate symbol by alt-right groups, according to the Anti-Defamation League.
Coinbase Newsletter
Even though the newsletter’s creator has a disclaimer and it indicates that it “not necessarily reflects the views of Coinbase or its employees,” this specific statement sparked discussion on the cryptocurrency Twitter platform.
What Does the Pepe Token Community Say?
A Twitter user named Beeple tweeted an image with the caption Coinbase vs. Pepe Army.
Apart from that, @Pauly0x, a well-known PEPE supporter, had a lot to say on the matter.
I will be closing my personal and business accounts with @Coinbase and moving them to @Gemini. #PEPE IS NOT A SYMBOL OF HATE,
@Pauly0x
The Pepe token community then continued to tweet using the hashtag #deletecoinbase on Twitter.
Leave a comment