GALA Games to Upgrade Core Utility Token with GALA V2, But Coinbase Will Not Support Airdrop.
GALA, the core utility token for Gala Games, is set to undergo a major contract upgrade with the issuance of a new GALA V2 token. The upgrade will be available to all $GALA holders over a majority of exchanges, except for Coinbase, the U.S.'s biggest crypto exchange. Despite this, GALA is hopeful that Coinbase will change its mind in time. To safeguard $GALA holders, the Coinbase wallet is suggested as a good solution for users who want to stay within the ecosystem. An official announcement from the $GALA Blockchain president is expected later in the day.
Coinbase Newsletter Refers to Pepe Token as "Hate Symbol," Faces Backlash
Coinbase, a major cryptocurrency exchange, received criticism for referring to Pepe (PEPE), a meme-inspired token, as a "hate symbol" in a newsletter to its customers. Pepe, which has gained popularity in the crypto world since its launch three weeks ago, is based on the Pepe the Frog meme, which originated as a comic-strip character nearly two decades ago. Coinbase noted that Pepe has been co-opted as a hate symbol by alt-right groups, causing an uproar among supporters of the Pepe-inspired token. Critics accused Coinbase of spreading misinformation and stigmatizing an entire community of users.
Coinbase Customer Email Sparks Outrage Over Pepe's Alleged Hate Symbolism
Coinbase has faced backlash from Pepe fans after sending an email claiming that the meme coin represents hate ideology. The email explained Pepe's origins and stated that the character was "co-opted as a hate symbol by alt-right groups, according to the Anti-Defamation League" (ADL). Pepe's rise in popularity saw it climb the meme coin rankings into the third spot by market cap, but the email from Coinbase has triggered an uprising from Pepe fans who are trending the hashtag #DELETECOINBASE. The issue has become contentious due to Pepe's association with the alt-right white supremacy movement.
Coinbase Flags Growth of PepeCoin and Bitcoin-Based Meme Coins in Latest Newsletter
Coinbase's latest newsletter highlighted the surge in popularity of meme coins, particularly pepecoin (PEPE) and Bitcoin-based meme coins, among traders seeking profits in the crypto market. The rise of meme coins has resulted in high gas fees on the Ethereum blockchain.
Coinbase Calls PEPE a ‘Hate Symbol,’ Prompting Calls To Boycott the Exchange
Coinbase has come under fire from the memecoin community after an email sent to customers referred to Pepe (PEPE) as a "hate symbol" co-opted by alt-right groups. The email cited a 2016 decision from the Anti-Defamation League to place the frog-themed character in its database of online hate symbols.
Pepe Coin Community Hopeful Of Robinhood Listing Next
The PEPE Coin has made a significant impact on the crypto market, rising to the top 100 crypto token club in just two weeks. This has sparked a frenzy around other memecoins, while the rest of the market has been stagnant with Bitcoin's price remaining steady. The listing of PEPE on top crypto exchanges has given the memecoin a timely boost.
Binance Spot Trading Volume Drops for Second Straight Month Amid Industry Decline
Binance, the world's largest cryptocurrency exchange, experienced a 48% drop in spot trading volume for the second consecutive month in April. This decline is in line with the industry's overall decrease in transaction levels, with centralized exchanges experiencing a 40% drop in volume. The uncertainty surrounding macroeconomic conditions such as the threat of recession and the collapse of several U.S. banks contributed to this trend. Despite this, Binance remains the largest exchange with a market share of 46%, while its competitors Coinbase and OKX accounted for only 5.60% and 5.39% of total spot trading, respectively.
Coinbase Chief Legal Officer discusses decision to continue offering Algorand despite SEC classification as a security
Coinbase's Chief Legal Officer, Paul Grewal, spoke to lawyer John Deaton on his podcast CryptoLaw about the exchange's decision to continue offering Algorand (ALGO) despite the U.S. Securities and Exchange Commission (SEC) classifying it as a security. Grewal explained that secondary sales of assets do not make them securities, but Deaton argued that the same argument applies to XRP tokens. XRP was suspended from trading on Coinbase due to it being classified as a security under U.S. law, causing frustration among XRP holders who feel penalized. Grewal reiterated Coinbase's commitment to upholding the rule of law equally for everyone and believes crypto exchanges and projects must team up to withstand the SEC.
US Chamber of Commerce supports Coinbase's request for SEC to write rules for cryptocurrency
The US Chamber of Commerce has supported Coinbase's request for the US Securities and Exchange Commission (SEC) to establish rules for cryptocurrency. The Chamber highlighted that there is no clarity on which digital assets are securities under federal law, and the SEC has not resolved this issue despite being the primary regulator of digital assets. The Chamber, which represents over 300,000 members, argued that the SEC's delay in rulemaking has caused confusion and instability in the crypto industry.
Uniswap Overtakes Coinbase in Daily Volume Amid Pepecoin Craze
Decentralized exchange Uniswap has surpassed Coinbase in daily trading volume, with the difference in volume continuing to rise over the past few days. Uniswap, which has three different versions across six different blockchains, has been engaged in fierce competition with Coinbase for second place in trading volume since last year. While the trading volume over the past few days may be fueled by the hype around meme coin Pepecoin, Uniswap has previously beaten Coinbase on volume several times in 2022. Uniswap is currently the premier decentralized trading spot for users, accounting for 61% of all DeFi trading over the past 7 days.
