After Canary Capital filed for an ETF linked to PEPE▲$0.00000283, there is evidence that PEPE is moving closer to Wall Street; however, based upon the recent market reaction, it appears that investors are not persuaded by hype-driven investment opportunities.
On Thursday, PEPE was trading at approximately $0.00000359, an increase of about 0.6% from where it was trading in 24 hours prior. At the same time, its daily volume reached around $432 million as reported by CoinGecko. This limited price action demonstrates a larger trend: although meme coins receive notable attention on social media platforms, institutional interest for them is currently shallow.
James Butterfill, head of research at CoinShares, stated that “it is hard for institutional investors to make a legitimate investment case for something like Dogecoin” since they remain primarily “retail-driven trading.” Thus far, U.S.-based Dogecoin exchange-traded funds (ETFs) have generated relatively limited inflows, and the most popular cryptocurrency products by institutional allocation continue to include those linked to Bitcoin, Ethereum, Solana, and XRP▼$1.14.
Institutional investor views on regulatory obstacles to investing in crypto have become less restrictive. SEC Chairman Paul Atkins stated last November that the majority of cryptocurrencies, including meme coins, should not be considered automatically to be securities. In addition, the SEC has recently referred to meme coins as digital collectibles.
Read Also: How to Invest in Memecoins: Step-by-Step Guide 2026
Although there are no guarantees for an ETF approval, standard listing requirements include that you have demonstrated a history of futures trading in regulated markets. While futures traded on Kraken by PEPE, Canary makes the argument that these futures contracts have been traded through either a regulated or registered venue.
In addition to pursuing ETFs linked to PENGU, MOG, and TRUMP, Canary demonstrates what many consider an industry-wide “spray-and-test” strategy vs. demonstrating true demand from investors.
