Coinbase faced a backlash from the crypto community after publishing a newsletter about Pepe Rapid Growth (PEPE). However, the newsletter has been heavily criticized for not providing clear enough information about the history of memecoin.
In response to the backlash, Coinbase Legal Officer Paul Grewal tweet We apologize for the lack of transparency and misinformation provided in the newsletter.
“We shared an overview of the Pepe memecoin to provide a fact-based overview of trending topics. This does not give the full history of the meme and we apologize to the community.”
Published on Wednesday, the newsletter focuses on the controversial memecoin and Pepe’s history, leading to the #declinecoinbase trending hashtag on Twitter. Despite the disclaimer avoiding Coinbase being influenced by the author’s personal views, Pepe’s supporters expressed anger and frustration on social media that the coin is not a symbol of hate.
#Coinbase Apology for controversial newsletter $pepe coin meme https://t.co/ughNUn9kGZ
— Kyptos (@azcoinnews) May 12, 2023
The Coinbase communications controversy underscores the importance of transparency and accuracy in the crypto industry. As the crypto community continues to grow, it is important for exchanges to provide users with accurate and complete information. The apology from Coinbase’s legal staff is a step in the right direction, but it remains to be seen how the exchange will handle the issue in the future.
In short, the controversy surrounding Coinbase’s Pepe newsletter demonstrates the importance of accurate and transparent information in the crypto industry. As the market continues to evolve, exchanges must do their best to provide users with truthful information.
PEPE continues to plummet
The token based on the PEPE meme is down 30% in the past 24 hours, extending a downward trend of the past five days. Year to date, the memecoin has lost 73% of its value from its all-time high (ATH) on May 5.
Despite maintaining its position as the third-largest memecoin by market capitalization, PEPE price has continued to decline since reaching $0.00004354 on May 5. Since then, prices have plummeted 73%. On May 8, the digital currency’s market capitalization fell from $1.8 billion to $790 million.
As of now, PEPE has an even lower market capitalization of $468 million. PEPE is down 40% over the past week. Furthermore, despite falling 73% since its May 5 ATH, PEPE is still up an impressive 2.825% from its April 18 low. In terms of global trading volume, PEPE’s figures have almost halved since May 8 and are currently hovering around $777 million for the day.
Source: Tradingview
Competing meme tokens such as WOJAK, TURBO, and LADYS have presented PEPE with many challenges over the past 2 weeks. These new projects have garnered considerable attention recently. For example, Milady (LADYS) surged 3,520% in just one day. Turbo (TURBO) is also up an impressive 64% for the week. As a result, the overall token meme economy edged down 2.9 percent on Thursday, totaling $17.2 billion.
While rumors on social media suggest that whales collected more PEPE during this deep dip, the supply held by the top 10 holders has dropped from 34.07% on May 8 to 33.93% currently. On the other hand, the top 100 PEPE holders have increased their stake from 54% on May 8 to the current 56.15%. Additionally, the number of PEPE holders increased from 106,430 to the current 107,617.
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Ming Ying
according to Kyptos
