Canary Capital has intensively submitted multiple altcoin ETF applications, and the community believes this approach may be a gimmick and marketing tactic. In response, the fund's CEO Steven McClurg argued that all applications are well-considered, with early bets hoping to gain a first-mover advantage. For example, HBAR is a relatively stable token, and market demand has not yet attracted the attention of other ETF issuers. The application for the PENGU ETF is due to the public statement made by officials from the SEC declaring that NFTs and meme coins should not be classified as securities.