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Meme War PEPE vs. Coinbase, Coinbase Stock Price Drops by 3.66%

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Meme War PEPE vs. Coinbase, Coinbase Stock Price Drops by 3.66%

Yesterday, there was a wave of backlash against Coinbase in the community, as Coinbase mentioned in its website article "Behind the Memecoin Frenzy" that the recently popular PEPE is a symbol of extreme right-wing alt-right hatred. Coinbase's stock price fell by 3.66% yesterday, and Chief Legal Officer Paul Grewal later posted an apology to the community.

Note: The article has been modified, with a disclaimer at the beginning stating: "This article originally included an overview of PEPE meme coins but did not provide the full context of the meme's history. We have updated this article and apologize to the community and our readers."

PEPE: Alt-Right?

The term "alt-right" is short for alternative right, a movement associated with white nationalist ideologies on the far right. According to Wikipedia, it originated in the late 2000s in the United States, gaining popularity in the mid-2010s, but its definition remains ambiguous, with members of the alternative right, media commentators, journalists, and scholars using it in various ways.

Wikipedia does mention Pepe the Frog, stating that it was adopted by the alt-right on 4chan. According to writer Gary Lachman, PEPE became the "unofficial mascot of the alternative right movement." The use of PEPE gave rise to ironic worship of the ancient Egyptian frog-headed god Kek and ironic nationalism of the non-existent nation of Kekistan.

Note: 4chan is a U.S.-based imageboard website launched in 2003, styled after Japanese 2channel, primarily focused on discussing anime, manga, and other aspects of Japanese culture. It has since become associated with English-language internet subcultures and movements, with many English internet memes originating from there.

It's no wonder some people jokingly ask if the articles on Coinbase are written by AI.

Coinbase's Chief Legal Officer Apologizes

Coinbase's Chief Legal Officer, Paul Grewal, later tweeted an apology to the community, stating that the article did not provide a complete picture of meme history.

Coinbase Stock Plummets

Coinbase's stock price fell by 3.66% yesterday, compared to a 0.18% rise on the NASDAQ, showing a weak performance.