Memecoin News: Canary Capital Wades Deeper Into Memecoin Market With MOG ETF Filing

Canary Capital has filed for the first MOG Coin ETF in a new step for memecoins within the exchange-traded Fund Space.

Canary Capital has filed to launch an ETF tied directly to MOG Coin, marking the first US ETF linked to this internet-born memecoin. 

The filing with the US SEC shows how fast internet culture is blending with traditional finance.

The MOG Coin is Ethereum-based. Just like Dogecoin and Shiba Inu, it has built its identity around online meme culture rather than any specific blockchain utility. 

Canary’s filing describes it as a “memecoin associated with the ‘Mog’ meme” and as both “a cultural statement and a digital collector’s item.”

MOG Coin Gains After ETF Announcement

The announcement immediately affected the market. MOG Coin’s price rose by over 8% within 24 hours after the news broke, according to CoinMarketCap data. Trading volume jumped more than 150% in a show of investor interest in the cryptocurrency being ncluded in a regulated fund.

Before the filing, MOG’s market cap was around $140 million. It surged past $169 million before stabilising near $146 million later in the day. Even though the coin trades for just fractions of a cent, the move showed a rise in excitement around speculative digital assets.

Blockchain analytics from Nansen show that MOG was created in July 2023 and currently has over 39,000 holders. The top 100 wallets own about 53% of the total supply, which is a common pattern among smaller crypto projects.

Canary acknowledged in its filing that MOG’s community and cultural relevance, rather than any specific use case, are some of the drivers of its appeal. The firm also noted there is no guarantee that the coin’s popularity will continue or that future applications will emerge.

MOG Coin ETF Shows A Change in Crypto Investing

Memecoins making it to the ETF space has been one of the biggest turning points for the crypto space. Until now, most ETFs focused on established tokens like Bitcoin, Ethereum or Solana. 

MOG’s inclusion in this wave of ETF filings shows that the line between internet culture and financial products is getting thinner.

The MOG memecoin spiked in trading volume despite weaker price action | source- CoinMarketCap

Nate Geraci, president of The ETF Store, said the timing makes sense. The SEC recently reopened after a lengthy government shutdown and is expected to review a new round of digital asset ETFs. 

He added that XRP-linked ETFs are also ready to hit the trading floor soon.

In September, the SEC introduced new listing standards for digital assets and reduced barriers for crypto ETFs. Since then, Canary Capital and other firms have filed for a range of products including Litecoin, HBAR and even Sei.

Canary Expands Its Crypto ETF Portfolio

Canary Capital has been busy building a strong position in the crypto ETF space. In recent months, the firm launched funds tied to Litecoin and Hedera and it has plans for an XRP ETF that could debut soon. 

The MOG filing marks the company’s first foray into the memecoin space.

Canary appears to be testing investor appetite for tokens beyond traditional cryptocurrencies. If approved, the MOG ETF would give retail investors exposure to a memecoin through regular brokerage platforms. This would remove the need to buy or store tokens directly.

The firm’s move also seems to be in line with a more general trend of companies exploring unconventional assets.

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