“The token is described in Canary’s filing as both a memecoin and a “cultural statement.””, — write: www.coindesk.com
The firm submitted a registration statement on Wednesday for the Canary MOG ETF, aiming to offer direct price exposure to MOG held by the trust, minus operating expenses.
MOG sits far outside the large-cap universe, ranked 339th by market value with a capitalization of roughly $170 million. Issued on Ethereum, the token is described in Canary’s filing as both a memecoin and a “cultural statement,” reflecting its roots in the “Mog” meme and a community that treats the asset as part digital collectable, part social identity.
Prices, however, tell a harsher story — MOG is down 78% over the past year as the broader memecoin sector unwinds from 2024’s highs.
The filing is indicative of Canary’s strategy to build a long-tail product suite.
The firm launched ETFs tied to Litecoin and HBAR last month. It will offer a pure-play spot XRP ETF later on Thursday, leveraging updated SEC guidance that allows new products to come to market without direct agency sign-off during the ongoing government shutdown.
President Donald Trump’s appointment of crypto-supportive regulator Paul Atkins to lead the agency has accelerated rulemaking around digital assets and led to the approval of new listing standards for specialized ETFs — a significant shift from the SEC’s posture just two years ago.
If approved, the MOG ETF would add another layer to the current wave of hyper-specific crypto exposure products, bringing an obscure meme asset into a regulated wrapper increasingly favored by retail brokers and wealth management platforms.
Whether demand materializes is another question — but the filing shows issuers are betting that meme culture still has enough staying power to justify a ticker of its own.
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Hyperliquid reportedly took a bad debt of $4.9 million due to alleged POPCAT manipulation.
- Hyperliquid, a decentralized derivatives platform, lost $4.9 million due to a manipulation of the POPCAT token.
- The attacker used $3 million in USDC to inflate the token’s price, leading to a crash and cascading liquidations.
- Hyperliquid’s liquidity vault absorbed the losses, resulting in a significant financial impact on the exchange.
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