Coinbase, the largest cryptocurrency exchange in the United States, is facing backlash on Twitter for a newsletter article published on its website. In the article, the author described Ethereum -based meme coin, Pepe, as a coin “that has been co-opted as a hate symbol by alt-right groups,” citing the Anti-Defamation League for the description.

Pepe, which was launched in mid-April, is named after the Pepe the Frog internet meme. Over the weekend, the meme coin became the fastest Ethereum token to hit the $1 billion mark as meme coin trading topped $2.3 billion during the past week. However, the market capitalization of Pepe has dropped significantly in the past seven days, from about $1.65 billion to about $627 million, according to CoinMarketCap.

“For a few, speculation on meme coins has led to massive profits, but that doesn’t come without risks too — sometimes meme coin frenzies even precede broad declines in Bitcoin and Ethereum,” the article stated.

Coinbase Article Unsettles Crypto Twitter

The newsletter article on Coinbase ended with a disclaimer that noted: “The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Coinbase or its employees.” However, the description of Pepe as a ‘hate symbol’ appeared to have unsettled some in the cryptocurrency community, regardless.

Reacting, so-called Cryptopunk rapper, Spottie WiFi, called the Pepe community "a movement."

Kenobi, a so-called musician and educator, noted that "Pepe is not a symbol of hate," adding that he will be closing down his accounts with Coinbase.

Also contributing, Twitter account Pauly, demanded an apology from Coinbase.

Another account, Autism Capital, criticized Coinbase for passing "mixed messages."

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