Canary Capital has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch the first exchange-traded fund (ETF) specifically designed to track the price of MOG Coin. This initiative represents the investment firm”s initial venture into the memecoin sector.
The registration was submitted on Wednesday, with a formal S1 filing detailing the structure of the ETF. According to the filing, the ETF could allocate up to 5% of its holdings in Ether to cover transaction costs, as MOG Coin operates on the Ethereum network.
As the U.S. government shutdown appears to be concluding, analysts anticipate that the SEC will resume its review of digital asset ETFs. Notably, several XRP-linked ETFs are poised to launch soon, according to ETF expert Nate Geraci. In September, the SEC approved multiple new spot ETFs linked to various cryptocurrencies, including Solana and Dogecoin.
Canary Capital has previously filed for several types of crypto ETFs, including two that were launched last month, which track Litecoin and HBAR. Additionally, the company is expected to list another ETF focusing on the price of XRP shortly.
Community Buzz Surrounding MOG Coin
The announcement regarding the MOG ETF has generated significant interest within the cryptocurrency community, particularly given the memecoin”s reliance on social media influence rather than practical utility. One investor on social media remarked, “Not even Pepe has an ETF. MOG is at a position close to 200 of the crypto market cap. I don”t think people understand.”
Currently, MOG Coin is not listed on Binance, but it can be found on the spot market via Coinbase. The filing from Canary Capital emphasizes that MOG Coin”s value is primarily driven by cultural relevance and online popularity rather than technological utility.
MOG Coin Experiences Price Surge
In the wake of the ETF filing, MOG Coin, ranked 339th in the cryptocurrency market, has experienced a notable price increase of 8.44% within a 24-hour period, bringing its market capitalization to approximately $170 million. Furthermore, trading volume surged by 155% in the last day, suggesting increased speculative interest among investors, as reported by CoinMarketCap.
This development illustrates the evolving landscape of cryptocurrency investments, as memecoins increasingly find their place within the regulated financial framework.
