It's tricky. If someone in chat is spamming ANELE ITS JUST A CLOCK BRO ANELE, it certainly has racial connotations, but is the statement itself racist? I don't know. I don't like it but I'm not sure if I'd be comfortable with someone being banned from chat because of t.
I doubt he would be as embarrassed if commenters spammed 88, as opposed to more openly, well known racist terms. If they want to speak in a secret code, then there's already a long history of racists doing that which isn't unique to online.
Realistically how different is this than people going on /b/ just to type the N word? MingLee spam whenever there is an Asian on screen, TriHard HE SAID IT when someone says 'nei ga' in Mandarin on a Chinese cast or ANELE spam when someone of Indian/Middle East descent is on screen etc. etc.