Canary Capital Files For Mog Etf, Boosting The Little-known Memecoin

The memecoin Mog Coin saw a slight lift in its price on Wednesday after Canary Capital filed to launch an ETF tracking the token.

Canary Capital has filed to launch an exchange-traded fund (ETF) tracking the price of a memecoin called Mog Coin, briefly lifting the price of the little-known token.

In a regulatory filing to the US Securities and Exchange Commission on Wednesday, Canary said its ETF would hold Mog Coin (MOG), which it described as a memecoin “associated with the ‘Mog’ internet meme.”

“Because of its association with the ‘Mog’ meme culture and its community-driven branding, some consider MOG both a cultural statement and a digital collector’s item,” Canary said in its filing.

Asset managers have flooded the SEC with ETF filings tied to increasingly speculative crypto tokens, and the regulator approved generic ETF listing standards in September that reduced the barriers to launching crypto products.

Mog Coin is worth just fractions of a cent and has declined by over 80% in the past 12 months. However, Canary’s filing saw its price briefly spike, which has since settled to a gain of 5.5% over the past day.

The token’s value was worth under $140 million earlier on Wednesday, before jumping to a peak of over $169.5 million on Canary’s filing. It has since settled to a market value of $146.3 million.

Nansen data shows the token was created in July 2023 and just over 39,000 wallets currently hold MOG, with the 100 largest tokenholders controlling 53% of its supply.

Canary said that the promoters and community tied to MOG “have not announced any particular blockchain-based utility for MOG beyond its branding and cultural associations.”

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Source: CoinTelegraph