{"id":587229,"date":"2026-04-09T10:00:14","date_gmt":"2026-04-09T14:00:14","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=587229"},"modified":"2026-04-09T08:17:21","modified_gmt":"2026-04-09T12:17:21","slug":"canary-capital-files-for-spot-pepe-etf-amid-community-backlash-embarrassing","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/canary-capital-files-for-spot-pepe-etf-amid-community-backlash-embarrassing\/","title":{"rendered":"Canary Capital files for Spot PEPE ETF amid community backlash: &#8216;Embarrassing&#8217;"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Canary Capital has <\/span><span style=\"font-weight: 400;\">filed<\/span><span style=\"font-weight: 400;\"> for a Spot Pepe [PEPE] ETF despite limited enthusiasm from Wall Street for memecoin products.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If approved, PEPE could become the second memecoin ETF, after Dogecoin [DOGE], to reach such a milestone. However, the community reactions to Canary\u2019s PEPE ETF filing were mixed, with more users openly opposed to it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Eric Balchunas, a senior Bloomberg ETF analyst, posed,\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">What is the investment thesis for $PEPE?<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Well, as a memecoin, PEPE&#8217;s performance primarily depends on community engagement. If the hype fizzles, the losses compound.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One user satirically described PEPE\u2019s investment thesis as,\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">Buying now and selling to bigger fools later on.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">In contrast, some supporters believe that the <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2109686\/000199937126007908\/canarypepe-s1.htm\" target=\"_blank\" rel=\"noopener\">filing<\/a> will automatically intrigue boomers to jump on the memecoin trend.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But the spot DOGE ETF says otherwise.\u00a0<\/span><\/p>\n<h2>Will PEPE follow Spot DOGE ETF&#8217;s weak demand?<\/h2>\n<p><span style=\"font-weight: 400;\">For the unfamiliar, the spot DOGE ETF hit the U.S. markets last November. So far, there are only three products from Grayscale, 21Shares, and Bitwise.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since March, the spot DOGE ETFs have seen only two days of inflows; the rest have been zero flows. In fact, the products have seen more zero flows than inflows or outflows, underscoring <a href=\"https:\/\/ambcrypto.com\/dogecoins-etf-buzz-wears-off-should-doge-traders-brace-for-0-12\/\" target=\"_blank\" rel=\"noopener\">limited enthusiasm<\/a> from Wall Street.\u00a0\u00a0<\/span><\/p>\n<figure id=\"attachment_587237\" aria-describedby=\"caption-attachment-587237\" style=\"width: 604px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/Screenshot-2026-04-09-121538.png\"><img decoding=\"async\" class=\"size-full wp-image-587237\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/Screenshot-2026-04-09-121538.png\" alt=\"PEPE ETF\" width=\"604\" height=\"486\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/Screenshot-2026-04-09-121538.png 604w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/Screenshot-2026-04-09-121538-300x241.png 300w\" sizes=\"(max-width: 604px) 100vw, 604px\" \/><\/a><figcaption id=\"caption-attachment-587237\" class=\"wp-caption-text\"><span style=\"font-weight: 400;\">Source: SoSo Value (DOGE ETF flows)<\/span><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">But it was unclear whether the frog-theme memecoin would receive similar treatment from Wall Street investors. Reacting to the PEPE ETF filing, <a href=\"https:\/\/x.com\/HaileyLennonBTC\/status\/2042037994807288238\" target=\"_blank\" rel=\"noopener\">Hailey Lennon<\/a>, partner at Brown Rudnick, said the crypto applications were now \u201cgetting embarrassing.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Others urged the SEC to reject the filing, underscoring the overwhelming negative sentiment the PEPE filing has elicited.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But did traders harbor similar sentiments?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to CoinGlass, the retail was extremely bullish after the filing. Unsurprisingly, however, whales and smart money investors were defensively positioned despite the update.\u00a0<\/span><\/p>\n<figure id=\"attachment_587235\" aria-describedby=\"caption-attachment-587235\" style=\"width: 667px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/Screenshot-2026-04-09-125312.png\"><img decoding=\"async\" class=\"size-full wp-image-587235\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/Screenshot-2026-04-09-125312.png\" alt=\"PEPE ETF\" width=\"667\" height=\"631\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/Screenshot-2026-04-09-125312.png 667w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/Screenshot-2026-04-09-125312-300x284.png 300w\" sizes=\"(max-width: 667px) 100vw, 667px\" \/><\/a><figcaption id=\"caption-attachment-587235\" class=\"wp-caption-text\">Source: CoinGlass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">In other words, experienced big-ticket investors faded the filing.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the price charts, PEPE was down about 10% in the past 24 hours. In fact, immediately after Canary\u2019s ETF update, the memecoin slipped 4.5%.\u00a0<\/span><\/p>\n<figure id=\"attachment_587233\" aria-describedby=\"caption-attachment-587233\" style=\"width: 1950px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/PEPEUSDT_2026-04-09_13-06-09.png\"><img decoding=\"async\" class=\"size-full wp-image-587233\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/PEPEUSDT_2026-04-09_13-06-09.png\" alt=\"PEPE ETF\" width=\"1950\" height=\"1152\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/PEPEUSDT_2026-04-09_13-06-09.png 1950w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/PEPEUSDT_2026-04-09_13-06-09-300x177.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/PEPEUSDT_2026-04-09_13-06-09-1024x605.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/PEPEUSDT_2026-04-09_13-06-09-768x454.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/PEPEUSDT_2026-04-09_13-06-09-1536x907.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/PEPEUSDT_2026-04-09_13-06-09-1200x709.png 1200w\" sizes=\"(max-width: 1950px) 100vw, 1950px\" \/><\/a><figcaption id=\"caption-attachment-587233\" class=\"wp-caption-text\"><span style=\"font-weight: 400;\">Source: PEPE\/USDT, TradingView\u00a0<\/span><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The frog-themed memecoin exploded 80% to $0.000007 in January and has recently experienced <\/span><a href=\"https:\/\/ambcrypto.com\/pepe-gains-10-as-speculation-rises-decoding-memecoins-3-week-range-exit\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">short-lived rebounds<\/span><\/a><span style=\"font-weight: 400;\">. However, it was now hovering around a yearly low, suggesting that traders ignored the ETF filing.\u00a0<\/span><\/p>\n<hr \/>\n<h2>Final Summary<\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Canary Capital\u2019s filing for the spot PEPE ETF has triggered backlash from the crypto community.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">The spot DOGE ETF launched last November has seen less demand, underscoring muted appetite from Wall Street.<\/span><\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Can PEPE ETF survive the weak interest that Wall Street showed DOGE ETF? <\/p>\n","protected":false},"author":79,"featured_media":587289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[5824,66,3,4,20],"tags":[],"class_list":["post-587229","post","type-post","status-publish","format-standard","has-post-thumbnail","category-memecoins","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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