By Nathan Boardman
Gemini, the renowned cryptocurrency exchange co-founded by Tyler and Cameron Winklevoss, has quickly ascended the ranks to become one of the top 50 holders of PEPE, the meme-based cryptocurrency. This accomplishment comes just 24 hours after Gemini listed PEPE on their platform.
Gemini Vaults Expand with 748 Billion PEPE Tokens Following Listing
According to cryptocurrency researcher Jason Cline’s tweet, a startling surge of around 748 billion Pepe tokens, worth approximately $1.3 million, has flooded into Gemini accounts. The quick increase in Pepe holdings on the exchange demonstrates the lasting attractiveness of meme-based digital currencies, a phenomenon sparked by the success of Dogecoin (DOGE) and Shiba Inu (SHIB). Pepe, a token constructed on the Ethereum blockchain that was launched in April, rides the meme wave, deriving inspiration from the controversial character “Pepe the Frog.”
Jason Cline believes Coinbase, Gemini’s main competitor, is “out of touch with reality” when it comes to listing Pepe. Cline believes Coinbase will struggle to catch up to Gemini and other exchanges in terms of offering Pepe for trading.Â
He also believes that Robinhood, a prominent trading platform, may add Pepe before Coinbase, owing to the need to capitalize on the increasing popularity of meme-based coins. This study comes against the backdrop of substantial Pepe sell-offs on Binance, the world’s largest crypto exchange, as large holders sold out quickly after the coin’s launch.
Despite ongoing concerns about the inherent volatility of meme-based cryptocurrencies, Pepe’s market valuation has risen to more than $1.6 billion, according to CoinGecko. This quick increase in value has piqued the interest of many speculators looking to profit from the trend. However, investors should exercise cautious because Pepe has already dropped 56% from its peak, underscoring the inherent hazards connected with trading in such volatile assets.
Coinbase Causes Uproar with Pepe Token Description in Newsletter
Coinbase, a well-known cryptocurrency exchange, has caused debate among enthusiasts of the frog-themed cryptocurrency. A description of the Pepe token has received a lot of attention in Coinbase’s weekly newsletter, “Coinbase Bytes,” which is delivered to exchange customers.
The newsletter dug into the present crypto market’s love for memecoins and provided insights into the evolution of the Pepe character connected with the PEPE currency. Coinbase’s description, on the other hand, piqued interest for a different reason.
Coinbase recognized Pepe’s unfortunate association with hate symbols by certain alt-right groups, as revealed by the Anti-Defamation League, while describing him as a figure that emerged as a comic-strip meme nearly two decades ago. This portrayal has sparked debate and contention in the community.
The memecoin community have expressed their dissatisfaction with Coinbase’s comments, sparking a heated online debate. The hashtag #DELETECOINBASE has been gaining steam on Twitter as Pepe supporters tweet pictures and videos of themselves removing the Coinbase app from their devices.
Simultaneously, some people are voicing concerns and requesting an explanation from the debate surrounding Pepe’s contentious depiction.
