Coinbase Apologizes PEPE Community for Controversial Newsletter

• Paul Grewal stated that we screwed up and are sorry for that.
• Pepe supporters are trending the hashtag of declinecoinbase on Twitter.

Paul Grewal, the legal officer of Coinbase, tweeted that he apologized for the exchange’s recent newsletter on the rapid growth of the frog-themed memecoin Pepe (PEPE) and the other memecoins failed to give complete clarity of the meme’s history. And bringing widespread criticism from the crypto community.

We screwed up and we are sorry.
Yesterday we shared an overview of the $pepe meme coin to provide a fact-based picture of a trending topic. This did not provide the whole picture of the history of the meme and we apologize to the community.

— paulgrewal.eth (@iampaulgrewal) May 11, 2023

Coinbase, the leading crypto exchange, has come up with an apology tweet after the controversial newsletter about the portrayal of Pepe memecoin. The newsletter suggests that the Pepe token has been used in racist ways on the internet.

Pepe Supporters Unhappy with Coinbase

In the tweet, Paul Grewal stated that we screwed up and are sorry for that. Yesterday we shared an overview of Pepe memecoin to provide a fact-based picture of a trending topic. This did not provide the whole picture of memecoin history, and we apologize to the community.

The newsletter, which was published on Wednesday, has been criticized on Twitter. The contentious aspect of memecoin history was the focus of Coinbase’s newsletter. In spite of a disclaimer, distancing from the authors’ opinion from Coinbase has sparked anger among Pepe followers. Pepe supporters used Twitter to express their criticism of the newsletter with the hashtag declinecoinbase. And also, the supporters have mentioned that the Pepe coin is not a hate symbol.

Pepe has witnessed a massive surge in recent times that has resulted in it becoming the fastest Ethereum token to reach the $1 billion mark. At the time of writing, the trading price of Pepe is around $0.000001405, with a massive decline of 25.53% in the last 24 hours. Moreover, the trading volume of the coin has witnessed an increase of 32.47%, according to CoinMarketCap.