- Canary Capital has filed a Form S-1 with the SEC for a US-based spot PEPE ETF.
- The proposed fund would hold PEPE with a custodian and may keep up to 5% of assets in Ether to cover Ethereum network fees.
Canary Capital is taking the meme coin ETF trade one step further, filing with the US Securities and Exchange Commission for a spot fund tied to PEPE.
The firm submitted a Form S-1 on Wednesday for the Canary PEPE ETF, a proposed product that would seek to track the price of PEPE by holding the token directly inside the trust. The filing says the trust’s PEPE would be custodied, and it also leaves room for up to 5% of the fund’s assets to be held in Ether to pay transaction fees on Ethereum.
A meme coin filing reaches Wall Street’s front door
The filing is notable mostly because of what PEPE is. This is not a token with a conventional revenue story, yield mechanism or obvious institutional use case. It is a meme asset, and a highly volatile one at that. Even so, ETF issuers are clearly testing how far the post-bitcoin, post-ether product wave can stretch.
That does not mean approval is close, or even likely. An S-1 filing is an opening step, not a finish line. But it does show that issuers think there may be demand, or at least attention, for exchange-traded wrappers around increasingly speculative corners of the crypto market.
PEPE arrives bruised, but still liquid enough to tempt issuers
The timing is awkward in one sense. PEPE is trading about 87.6% below its all-time high of $0.00002803 reached on December 9, 2024, according to CoinGecko.
That said, a large drawdown has not stopped the token from remaining visible, liquid and culturally sticky enough to attract product builders. That may be the real takeaway here. The ETF race is no longer only about the largest crypto assets. It is now edging into instruments built around online attention itself, packaged in a format traditional brokerage accounts can understand.
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PEPE（PEPE）up 2.98% over 24 hours
Gate News 消息，4 月 27 日，据 Gate 行情显示，截至发稿时，PEPE（PEPE）现报 0.00000398 美元，24 小时内上涨 2.98%，最高触及 0.00000402 美元，最低回落至 0.00000384 美元，24 小时交易量达 11.03M美元。当前市值约为 1.67B美元。
PEPE is a meme coin.
PEPE近期 important news：
1️⃣ **Top whales continue to add positions**
A certain top whale, after an 8-month gap, bought another 1.67B PEPE tokens again, costing approximately $3.08 million. After averaging down, its average holding price dropped to about $0.0000074286. This move reflects that large-position holders continue to see the long-term value of PEPE. Although it is still in an unrealized loss at the moment, by taking a staged approach it reduces the cost of holdings, showing bullish confidence.
2️⃣ **Top profit whales still hold large positions**
The PEPE whale dimethyltryptamine.eth has accumulated profits of $11.9 million in this coin, and still holds $800B in positions at present. This indicates that the core profit-takers have not cashed out significantly, and instead chose to keep holding, reflecting a long-term bullish stance.
3️⃣ **Ecosystem-related parties diversify their allocations**
A related address with fund flows with the PEPE whale recently spent $245k to purchase other tokens, ASTEROID. This suggests that large funds are making multi-chain or cross-project investment allocations within the PEPE ecosystem, reflecting broad market optimism from active capital.
This news is not investment advice. Be mindful of market volatility risks when investing.
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Abstract: The piece reports Lookonchain's claim that the Solana wallet fent.sol, tied to a major PEPE holder, acquired 5.66 million SPIKE tokens and built a large PEPE position. The PEPE investment reportedly peaked at around $100 million, with most PEPE sold for $5.74 million; the remaining 1.97 trillion PEPE is valued at about $7.5 million, yielding an estimated 52,600x return on the initial investment. The article illustrates the extreme volatility of meme-token trading and the influence of wallet-linked whales.
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