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🐸 Canary Capital has filed an application for a spot PEPE-ETF
In the S-1 form filed with the SEC, it states that the fund will track the price of PEPE, holding the underlying tokens with a third-party digital custodian (custodian).
Unlike Bitcoin or ether-based funds, this product is tied to a meme coin, the market logic of which is much less related to fundamental factors.
⚠️ Moreover, PEPE itself is already far from its former success and is trading 85% below its peak.
#GateSquareAprilPostingChallenge