• Canary Capital filed an S-1 with the SEC on April 8 for the primary US spot ETF to immediately maintain PEPE tokens, an ERC-20 meme coin launched on Ethereum in April 2023, with no custodian or change but named.
  • PEPE traded close to US$0.00000359 after the submitting with only a 0.6% achieve and buying and selling quantity rose solely 10% to US$432 million, a notably subdued response for a token that when hit multi-billion-dollar peaks.
  • CoinShares head of analysis James Butterfill famous altcoin ETFs outdoors Bitcoin, Ethereum, Solana, and XRP characterize simply 9% of whole AUM, calling meme property “simply not well-liked with buyers.”

Fairly an embarrassing story this one, as Canary Capital not too long ago filed an S-1 registration assertion with the SEC on April 8 for the Canary PEPE ETF.

Sure, the primary proposed US spot fund to immediately maintain and monitor the PEPE, the meme coin, however the market response was underwhelming.

Meme Fatigue?

The proposed fund would maintain spot PEPE, problem shares in 10,000-unit baskets, and calculate web asset worth each day at 4:00 p.m. ET. As much as 5% of property could also be held in Ethereum to pay transaction charges, not for funding.

The submitting states PEPE’s worth is pushed by on-line reputation and social sentiment, not utility. It warns of volatility, market manipulation, custody dangers, and doable Ethereum community disruption, with a threat of whole loss.

PEPE traded at US$0.00000359 (AU$0.0000052), up 0.6% over 24 hours. Buying and selling quantity rose 10% to US$432 million (AU$626.4 million) forward of the submitting, as per CoinMarketCap, a subdued transfer in comparison with previous spikes pushed by retail buying and selling.

Associated: Schwab Says There’s No “Right” Crypto Allocation—But Warns Risk Rises Fast

Canary has additionally filed for ETFs tied to Mog, PENGU, and TRUMP.

Investor demand for meme coin ETFs stays weak, and ETF information highlights this, beginning with US-listed Dogecoin ETFs having recorded US$13 million (AU$18.85 million) in inflows this yr (no, not this week, however this yr), rating seventeenth amongst crypto ETFs tracked by CoinShares.

CoinShares analysis head James Butterfill mentioned demand is concentrated in main property (stunning) and that meme coin ETFs lack a transparent funding case for institutional patrons.

Earlier launches have seen restricted traction. Grayscale’s Dogecoin Belief ETF started buying and selling in November 2025, and Tuttle Capital has filed for BONK-related merchandise.

Learn extra: FDIC Moves to Rein in Stablecoins with New Rule Proposal Under GENIUS Act

The submit Pepe ETF Pitch Lands With a Shrug as Meme Coin Mania Meets Wall Street Skepticism appeared first on Crypto News Australia.