The Complex Journey of the Pepe Meme: Controversy, Crypto, and Redemption? | NFT CULTURE | NFT News | Web3 culture
The Internet is a vast, ever-evolving landscape, home to many phenomena, none perhaps as pervasive or as controversial as memes. One such meme, Pepe the Frog, has traveled a particularly tumultuous path, and is in the spotlight for both negative and positive reasons. More recently, it has been thrust into the limelight due to its association with cryptocurrencies and non-fungible tokens (NFTs). But has this recent foray into blockchain technology really saved Pepe, or just added another layer to the complex narrative?
Pepe’s birth
Pepe the Frog was born in 2005, as a character in Matt Furie’s cartoon series ‘Boy’s Club’. This laid-back amphibian was no different from any other comic character. By the late 2000s, however, Pepe had been adopted by the internet as a popular meme, often accompanied by the phrase “feel good man.”
Over time, the Pepe meme diversified. Variations emerged, each expressing different emotions, but the most widespread was the so-called “sad frog meme”, a melancholic Pepe that became a common sight on internet message boards.
The controversy
But in the mid-2010s, Pepe took a dark turn. It was co-opted by online hate groups and far-right activists, and became a symbol of discrimination and division. This dismayed Furie, a liberal and outspoken critic of Donald Trump, who saw his creation used by Trump supporters during the 2016 US presidential election. In 2016, the Anti-Defamation League (ADL) even added Pepe to its database with hate symbols, prompting Furie to launch a “Save Pepe” campaign. Despite his efforts, the friendly frog had become a symbol of controversy.
From controversy to crypto
In the wake of this controversy, an anonymous group of developers saw an opportunity. They used non-fungible tokens (NFT) – unique digital assets stored on a blockchain – to create “PepeCash” and “Rare Pepes”. These symbols depicted Pepe in various scenarios, and were sold as collectibles.
A new controversy: Coinbase and the “Hate Symbol” label
Just when it seemed that Pepe might have found some respite in the crypto world, a new controversy emerged. On May 10, Coinbase, a prominent cryptocurrency exchange, sent out an email to its customers describing Pepe as a “hate symbol” co-opted by alt-right groups. This description was based on a 2016 decision by the Anti-Defamation League to include Pepe in its database of online hate symbols.
The email received immediate backlash from the PEPE memecoin community. Prominent crypto influencer Borovik.eth shared the newsletter with its 96,000 followers, sparking widespread outrage. Fans and holders of the frog-themed memecoin demanded an apology from Coinbase, with some users even calling for a boycott of the crypto exchange, leading to the trending hashtag: “#deletecoinbase”.
This controversy escalated when the pseudonymous Twitter user and solidity developer Kenobi declared that Pepe is not a symbol of hate and that he would move funds to the US-based crypto exchange Gemini as a result.
Interestingly, while the controversy raged, the price of Pepe fell 2.6% after news of Coinbase’s description circulated on Twitter. At the time of publication, Pepe was trading at a price of $0.00000184, down 10.4% in the last 24 hours, according to data from CoinGecko.
Coinbase has not yet given any indication of whether they intend to list the Pepe token on the exchange. The exchange’s spokesperson said they had “nothing more to add” in response to the controversy. Meanwhile, Gemini, another major crypto exchange, listed the memecoin for trading, describing the token in more neutral terms.
This last incident emphasizes the complex nature of Pepe’s journey. Although the memecoin community is trying to reclaim the token from its controversial past, others continue to associate it with hatred and division.
Redemption or just another chapter?
For some, this move represented an attempt to reclaim Pepe from its negative connotations and restore its original, harmless meaning. The rare Pepe NFTs became popular, attracting a community of enthusiasts who saw the value in these digital collectibles. Even Furie embraced this shift, releasing official Pepe NFTs in 2021.
However, not everyone agrees that this move completely removes Pepe from his controversial past. Some argue that the layers of internet irony and the often inscrutable world of crypto make it difficult to distinguish this new incarnation of Pepe from its previous uses.
The story of Pepe is undeniably complex. It highlights the power of the internet to shape and reshape symbols, and the potential of technologies like blockchain to influence these narratives. Pepe’s journey from cartoon character to controversial symbol, and then to crypto collectible, acts as a mirror that reflects our ever-changing digital culture.
But the question remains: Has the world of cryptocurrencies and NFTs really saved Pepe, or just written another chapter in its contentious history? As Pepe continues to develop, the answer to this question will likely be just as dynamic.
What do you think? Has the world of cryptocurrencies and NFTs really saved Pepe, or just written another chapter in its contentious history? As the saga of Pepe continues to unfold, the answer to this question remains as dynamic and elusive as the meme itself. We’d love to hear your thoughts.
Is Pepe a symbol of the alt-right or just a meme? I have my opinions, but I want to love yours. Feel free to vote. Like and rt.
— Template | BAYC 5362 (@mal_nft) 11 May 2023
