XRP News Today: Memes and Markets Collide as First U.S. MOG ETF Application Fuels Speculation and Discussion

Canary Capital has submitted an application for the inaugural U.S. spot exchange-traded fund (ETF) that tracks Mog Coin (MOG), a relatively obscure

associated with internet meme trends, representing a notable development in the crypto ETF sector, according to a . This announcement caused MOG’s price to jump over 5.5% within a day, even though the token trades for less than a cent and has dropped 80% over the past year, as the same report notes. Unlike futures-based funds, this ETF will directly hold MOG tokens, aiming to give investors regulated access to the asset via standard brokerage platforms, as outlined in a .

The application highlights a growing pattern of asset managers submitting speculative crypto ETF requests to the U.S. Securities and Exchange Commission (SEC), especially for tokens whose primary value lies in cultural branding rather than blockchain utility, according to Cointelegraph.

Canary’s MOG ETF comes after its recent launch of an XRP ETF, which is set to become the first U.S. spot XRP fund on Nasdaq, and reflects recent regulatory changes that have simplified the approval process for crypto products, as mentioned in the Crypto.News article. The SEC’s decision in September to implement broader ETF listing criteria has made it easier for companies like Canary to propose funds for niche tokens, according to Cointelegraph.

Although MOG’s price increase was limited, it demonstrates the growing impact of ETFs on lesser-known cryptocurrencies. Following the news, the token’s market cap briefly reached $169.5 million, up from $140 million earlier that day, as reported by Cointelegraph. However, Canary’s prospectus cautions that MOG’s worth is mainly tied to its meme status and community-driven image, with no assurance that its popularity will last, as Cointelegraph notes. The ETF also plans to allocate up to 5% of its holdings to

(ETH) to pay for blockchain transaction costs, since MOG is built on the network, according to the Crypto.News article.

The launch of the MOG ETF comes amid rising interest in altcoin ETFs. Bitwise and Grayscale’s

ETFs, introduced in October, have already accumulated $575 million in assets, as detailed in a . Meanwhile, Canary’s Hedera ETF has attracted $68 million, and its XRP ETF has brought in $115 million, according to the same source. This is fueled by broader optimism about cryptocurrency adoption, including a $500 million investment in Ripple Labs by Citadel and Fortress affiliates, as well as the recent resolution of a 43-day government shutdown that had dampened market sentiment, both reported by Crypto.News.

While some critics claim that memecoin ETFs are driven by speculative hype rather than lasting value, Canary’s approach reflects a demand among investors for access to trending digital assets. The SEC’s renewed review of crypto ETF applications, following the passage of a funding bill in the House, could speed up the approval process for these products, according to Cointelegraph. With the first MOG ETF possibly launching soon, this development marks a new stage in the evolution of the crypto market, where viral internet culture and institutional finance are becoming increasingly interconnected, as described in the Crypto.News article.