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Canary Capital files for Spot PEPE ETF amid community backlash: ‘Embarrassing’

Canary Capital has filed for a Spot PEPE ETF, potentially making it the second memecoin ETF after Dogecoin. However, the move has faced significant community backlash, with many criticizing it as "embarrassing" and lacking a solid investment thesis. Analysts and users expressed skepticism, noting that PEPE's value relies heavily on hype and community engagement. The existing Spot DOGE ETF has seen weak demand, with mostly zero flows since March, indicating limited Wall Street interest. Despite retail bullishness post-filing, whale investors remained defensive, and PEPE's price dropped 10% shortly after the announcement, hovering near yearly lows.

ambcrypto04/09 14:03