Coinbase’s Chief Legal Officer, Paul Grewal, issued an apology in response to a controversial company newsletter that discussed the recent craze surrounding memecoins.
The newsletter specifically addressed the Pepe the Frog meme, which serves as the basis for the popular PEPE token. Grewal expressed regret for suggesting that the Pepe meme has been associated with racist content online.
The newsletter, initially published on Wednesday but later revised, triggered a wave of backlash on Twitter. The hashtag #deletecoinbase quickly gained traction on the social media platform, reflecting public disapproval of Coinbase’s handling of the situation. This backlash came to prominence on Thursday morning.
CoinMarketCap data reveals that PEPE token experienced a 15% decline in value over the past 24 hours. Furthermore, Coinbase’s own stock, represented by the ticker symbol COIN, also witnessed a 2% decrease on Thursday, mirroring a broader downturn in the cryptocurrency markets.