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So Canary Capital just filed for a Pepe ETF this week, and honestly the meme coin community didn't really care? Like, Pepe barely moved—up less than 1% even with the news. Trading volume picked up a bit to around $14 million, but it's nothing crazy.
What's interesting is that this whole meme coin news keeps circulating, but institutions clearly aren't feeling it. Dogecoin has been on Wall Street for a while now with multiple ETFs trading, yet it's sitting way down the rankings. According to CoinShares research, Doge only pulled in $13 million year-to-date and ranks 17th among crypto ETFs they track. The analyst basically said it straight up—outside of Bitcoin, Ethereum, Solana, and XRP, nobody really wants these things. Institutional money just doesn't see a credible investment case for meme coins.
Canary's also filing for other meme coin ETFs like TRUMP and PENGU, but the lukewarm reception tells you everything. It's the big four coins or nothing for serious investors. The whole meme coin narrative doesn't translate to Wall Street the way people thought it would.