As the cryptocurrency market braces for recoveries after the US government shutdown ends, Mog Coin took the spotlight after Canary Capital filed for the first-ever exchange-traded fund linked to the MOG token.
🔥 NEW: Canary Capital has submitted an SEC filing for a MOG Coin ETF.
The application has gained traction as it signals a potential shift in how global finance perceives meme cryptocurrencies.
Notably, the Mog Coin Trust will track MOG’s price performance through direct holding.
About the proposed MOG ETF
The late Wednesday filing emphasised tracking MOG’s real-time performance as the primary objective of this Trust.
The exchange-traded fund will hold Mog Coin assets and value its shares based on a pricing benchmark, with a designated custodian storing all assets held by the ETF.
The document highlighted that the Trust might initially hold up to 5% of MOG Trust assets in Ethereum to cover transaction charges for buying, transferring, or selling the meme token on the Ether blockchain.
Meanwhile, Canary Capital expects the ETFs’ MOG holdings to gradually fall over time, which could impact how closely it tracks the altcoin’s performance.
Thus, the Trust might fail to meet its investment goals.
That reflects the challenges of packaging meme tokens into structured financial instruments that balance between credibility, regulation, and cryptocurrency’s volatile nature.
A cultural shift in meme tokens
Canary’s latest filing is beyond a financial breakthrough.
Meme cryptocurrencies like Dogecoin, Shiba Inu, and PEPE have struggled due to reliance on hype rather than fundamentals.
Therefore, a formal exchange-traded fund trust brings these assets closer to the compliant investment space.
That was nearly impossible some time back. Who could bet on turning internet jokes into money?
The cryptocurrency market is experiencing a “proof-of-concept” moment, with the lines between finance and fun blurring.
MOG price outlook
The meme token recorded a sharp price increase following the ETF news.
Mog Coin rallied from $0.0000003458 to $0.0000004363 intraday high amid revived trader optimism. That’s a roughly 26% uptick.
However, it failed to sustain the upside and retraced to $0.0000003738, possibly due to the current broader declines.
An ETF will open MOG to institutional investors, which will potentially translate to robust growth in the coming times.
Enterprises leverage exchange-traded funds to gain regulated exposure to risk assets like cryptocurrencies.
Canary Capital’s Mog Coin Trusts welcomes businesses that want to experience the meme crypto craze in a compliant setting.
Enthusiasts will watch the regulator’s response, especially as experts forecast accelerated services after the government reopens.
Meanwhile, we might see amplified altcoin ETF application developments in the coming times.
Several firms are waiting for the SEC’s authorization of their respective Trusts, with Canary Capital’s XRP ETF expected to launch today, November 13.
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