Moderators on Reddit began to take action on crypto-related Pepe the Frog hype flooding into the meme’s original subreddits after the explosion of the $PEPE memecoin.
On May 9, a moderator for the “r/pepethefrog” pinned a post in which they declared that all “cryptocurrency promotion and all similar schemes such as NFTs” will be banned from the subreddit.
“This subreddit is for pepe the frog art to be shared and created and not for currency trading.”
The moderator also said that several other moderators will be added as “they are needed,” followed by a call for additional moderators for those interested.
Responses from members of subreddit were overwhelmingly in favor of the decision, with thanks being given to the moderators and others saying “finally.”
Some Reddit users even created memes depicting the moderators to various versions of Pepe cleaning up messes in reference to the crypto content.
This decision from moderators seemed to have come after a rising number of complaints regarding crypto-related content populating the subreddit. Users were beginning to create angry threads directed at crypto users.
The Pepe the Frog memecoin $PEPE hit the markets in late April, after which it experienced a 2000% price rally fueled by hype and frenzy.
Nonetheless, the official website for the already existing Pepe brand posted a disclaimer saying its purely a meme coin with “no intrinsic value.” Since the coin’s all-time high on May 6, the token has fallen at least 42% in value.
The token was listed by some of the crypto space’s most prominent cryptocurrency exchanges such as Binance and OKX.
Prior to entering the crypto space as a memecoin persona, Pepe the Frog was created in 2005 by cartoonist Matt Furie. Since then, Pepe has exploded in popularity as an internet meme, along with being the face of various social movements around the world.