Perhaps the most remarkable thing about Pepecoin (PEPE) was not its almost overnight billion-dollar market capitalization but the ‘Ribbiting’ Ripple Effect it created. From death threats to insults and audio reviling, cryptocurrency’s latest hype embodies a spectrum of unfavorable emotion disproportionate to its economic and social worth.
Navigating Controversy: PEPE, Crypto Exchange Coinbase and The Anti-Defamation League
PEPE was meant to be ‘positive’ and ‘happy’, introducing new people to the exciting world of crypto. But it hasn’t taken long for the nascent token to attract a wave of controversy. Of course, it won’t be the first nor the last project to experience pangs of hostility. Many other much-heralded initiatives, such as Cardano, Bitcoin, and SafeMoon Wallcrypto, have also experienced difficult and hostile beginnings.
Still, the controversy surrounding PEPE signals something deeper and more entrenched than that of other projects. A brief trawl of the internet will attest to this fact. In particular, The Anti-Defamation League’s 2016 decision to include the frog-themed character in its database of online hate symbols has recently come to the fore. In a much-criticized email newsletter sent to its investors, crypto exchange Coinbase described the meme coin as the ‘memecoin of the moment’ in a rather casual fashion.
PEPE Community Reacts to Coinbase Slight: Army Lays Siege, Token Depreciates 15.82%
Coinbase’s comments were met with a bevy of online scorn. The San Francisco Exchange was quickly condemned by members of the PEPE community, who also saw it as a veiled attempt to undermine their project. Digital artist Beeple added fuel to the fire by posting a picture of the Pepe Army laying siege to Coinbase and the crypto influencers of Kenobi and Pauly joined in on the crusade.
It was obvious the PEPE gang did not take kindly to the slight and the PEPE token was quick to depreciate in value. In just four days its market capitalization dropped from $1.8 billion to a current $800 million, a marked dip of 15.82% according to CoinMarketCap.
Unlocking the Potential of Memecoins: PEPE’s Rise, Cultural Trend, and Economic Impact
At a basic level, this episode reveals the power of memecoins and their ability to influence mass market sentiment. But beyond that, PEPE’s rise and ultimate success may reflect a deeper cultural trend – that the real purpose of memecoins is nothing more than entertainment. If so, PEPE could easily become a catalyst for long-term economic change and disruption, with the growth of memecoin culture becoming the epitome of a new era of monetary value.
Be it a meme, a joke, or just a gimmick, PEPE was quick to assert itself as a symbol of something much greater than itself. PEPE has not only disrupted the crypto markets but also highlighted the power of online communities and the tensions between cryptocurrency and increasingly more traditional forms of financial regulation. While it may never achieve the market dominance of DOGE, PEPE has certainly left an indelible mark in the crypto space, reminding us that money, networks and alternative economies are constantly evolving.
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