Muted Reaction to Pepe ETF Application Highlights Wall Street’s Tepid Interest
- Canary Capital filed for a Pepe ETF on Wednesday, but the meme coin’s price remained largely unchanged.
- Dogecoin ranks as the 17th most popular crypto ETF, with $13 million in year-to-date inflows.
- Pepe traded at approximately $0.00000359 on Thursday, reflecting a modest increase of about 0.6% from the previous day.
- SEC guidance last month categorized meme coins as “digital collectibles,” not securities.
Despite Canary Capital’s filing for a Pepe ETF, the market response was subdued, indicating limited investor interest in meme coin ETFs outside major cryptocurrencies like Bitcoin and Ethereum. The SEC’s classification of meme coins as digital collectibles rather than securities further shapes their market perception.
The muted reaction to Pepe’s ETF application underscores Wall Street’s cautious stance towards meme coins, despite Dogecoin’s notable position among crypto ETFs with significant inflows this year. Source
