“We screwed up and we are sorry,” tweeted Coinbase’s chief true officer Paul Grewal on Thursday, after disgruntled fans of the meme coin PEPE called to boycott the crypto alternate.

Grewal’s apology comes after a May perhaps per chance per chance 10 newsletter emailed to customers, whereby it describes Pepe the Frog – the meme that impressed the introduction of the PEPE token – as a detest symbol co-opted by alt-neutral appropriate groups over time.

The statements invoked substantial outrage among the PEPE fanbase, and earlier than lengthy #DeleteCoinbase turned into as soon as trending on Twitter. Coinbase’s inventory price moreover tumbled 3.6% on Thursday.

Coinbase has since updated the controversial newsletter to do away with all reference of the token as a detest symbol, pointing out that the distinctive model “did no longer provide the final relate of the history of the meme.”

PEPE turned into as soon as launched on April 14 by an nameless group of developers, who relate the token as “entirely ineffective and for leisure functions simplest” in a disclaimer on the legit net net page.

Collected, the meme coin has taken center stage throughout the crypto community over the closing few weeks and has hasty become one of basically the most actively traded tokens and has been listed on several standard exchanges, including Binance and Gemini.

On May perhaps per chance per chance 5, PEPE’s market cap breached $1 billion and its price had liked 4000% in the three weeks since its introduction. On the time of writing, PEPE turned into as soon as trading at $0.00000153, down 38% over the closing 24 hours.