Pepe continues to trend on Twitter this week, this time not because of price action but rather as a debate of ethics over the symbolism of the infamous internet frog.

Discussions have sparked as a result of an email from leading crypto exchange Coinbase, which read that Pepe had been “co-opted as a hate symbol by alt-right groups” — a factor that could be preventing the popular meme coin from being listed on the platform.

In an email to its customers, @coinbase highlights that Pepe “has been co-opted as a hate symbol by alt-right groups.” Thoughts?

H/T @JakeGagain pic.twitter.com/ojB11Lsa54

— Hypemoon (@Hypemoon) May 11, 2023

In contrast and within the same 24 hours of the Coinbase email, crypto exchange Gemini announced that it would be listing the token and likened it to meme coins like Dogecoin and Shiba Inu.

The exchange expressed that “$pepe continues the tradition of giving the control of money back to the people. We’re not here to tell you what money is. We’ll leave that up to you. We’re here to empower you with greater choice, independence, and opportunity, as we continue on our mission to unlock the next era of financial, creative, and personal freedom.”

Symbolism

While Pepe fans and holders of the related meme coin have come to the defense of the character, Coinbase’s email is not without grounds, and its claim not baseless.

Although first created as a comedic character by artist and cartoonist Matt Furie in 2005, Pepe eventually fell into the hands of the alt-right, sparking a legal battle between the group and artist that would span several years.

Details of this dark period for Pepe were recorded in the “Feels Good Man” documentary, which highlights the character’s story and how Furie would eventually take back control of Pepe after it was co-opted by the alt-right.

The film documents the rise of Pepe as a popular internet meme and how it was adopted by the alt-right to spread hateful messages — horrified to see his creation being used in this way, Furie decided to take action.

He began a campaign to reclaim Pepe and turn him back into a symbol of positivity and joy, which included creating a #SavePepe hashtag and working with other artists to create new images of the character that promoted love and inclusivity. A campaign that many believe to have been successful.

Support

Since the email by Coinbase went out, a large number of Web3 participants have shown their support for the beloved internet frog. Posts from artists, traders, Web3 founders, and meme enthusiasts have flooded Twitter defending Pepe as a symbol of love and peace.

@Matt_Furie created Pepe as a peaceful character, some people on the internet at one point took it and used image for bad things.

Matt fought really hard to take control back and restore Pepe image as it was intended A PEACEFUL character.

Honk-Kong later used it during…

— ArinaBBart (@Arinabbart) May 11, 2023

Pepe The Frog is a lot of things, but it is definitely not an alt-right hate symbol.

Was the narrative taken away from Matt Furie for a moment? Yes, it was.

Does that mean the entire character is racist and condones hateful speech and behaviour? No, it doesn’t.

The narrative… pic.twitter.com/F14iK8tK3x

— Farokh (@farokh) May 11, 2023

As a result of the ongoing discussions, the role of exchanges regarding political topics has been called into question. While most traders would be happy to just have desired meme coins listed with no commentary, others noted that emails like Coinbase come as a result of operating in a political — where a priority is often placed on maintaining investor and regulatory relationships.

Nonetheless, it would seem that Web3 was quick to defend the reputation of the internet’s most iconic character, maintaining the ideals Furie based it on nearly two decades ago.

in other news, Rosario Dawson and Tony Revolori to star in Gala Web3 animated series Ghosts of Ruin.