رؤى رئيسية:
- Meme coins return to focus as Canary amends its proposed PEPE ETF filing.
- Eric Balchunas called the filing another possible sign that crypto winter has ended.
- PEPE’s recent gains and trading activity provide context for the renewed interest in meme coins.
Meme coins are once again appearing inside the U.S. crypto ETF pipeline. Canary Capital amended its registration for a proposed PEPE ETF on Oct. 2, giving the product another step in its path toward a potential launch.
Bloomberg ETF analyst Eric Balchunas called the filing “arguably another sign crypto winter has ended” in a post on X.
The comment points to something broader than PEPE. Issuers are still willing to test demand for products tied to some of crypto’s most speculative assets.
The PEPE ETF is Moving Again
Canary first filed for the spot PEPE ETF with the U.S. Securities and Exchange Commission in April. The proposed fund would hold PEPE directly and seek to track its price, less operating expenses and other liabilities.
The original filing said the trust would calculate net asset value using a pricing benchmark based on PEPE trading activity across major platforms. The new amendment keeps that structure in focus. The filing also indicates an intended listing on Cboe BZX.
There is still no approval. The amended filing is a regulatory step, not evidence that the product will begin trading.
Why Meme Coins are Back in the Conversation
The appeal of meme coins is highly sensitive to market appetite for risk. CoinGecko currently puts the meme-token sector at about $34.4 billion in market capitalization.
Its data show PEPE with a market value of roughly $1.78 billion and a 24-hour trading volume of nearly $346 million. PEPE was up about 7% over the past week and 23% over the past month.
The PEPE market data showed a strong monthly rebound, with the token gaining more than 22% over that period.
Those numbers do not prove a lasting recovery. They do show that PEPE has regained activity after a prolonged period of weakness. That backdrop makes Canary’s decision more notable.
Balchunas wrote that investors “weren’t going to even think about launching a Pepe ETF a few months ago.” He added that it now “feels safer to test market.” The language is his interpretation, not a statement from Canary or the SEC.
From a Meme Token to a Regulated Product
A spot PEPE ETF would put a token associated with internet culture into a familiar investment structure. Canary’s April filing described the proposed product as an exchange-traded vehicle designed to give investors exposure to PEPE held by the trust. It also stated that the fund would not hold Ether for investment purposes.
When Canary filed in April, The Coin Republic reported that the proposal would become the first U.S.-based spot PEPE ETF if approved. The report also noted that Dogecoin was the only meme coin with active U.S. ETFs at that point.
The broader ETF market has since continued expanding across different parts of the digital-asset sector. That makes the PEPE filing less isolated than it would have been earlier in the year. It also raises a different question. How far can the ETF market extend beyond بيتكوين and other large-cap assets?
Robinhood Offers Another Clue
Recent activity on Robinhood’s blockchain provides another look at demand for meme coins. The Coin Republic reported that meme coins and stock pairs generated $217.6 million in daily trading volume on Robinhood Chain on Sept. 1. Total network volume reached $389.5 million that day.
Robinhood Chain also processed more than 5.5 million daily transactions, while its decentralized exchange volume reached $1.56 billion.
The figures do not directly predict demand for a PEPE ETF. They do show that meme-related trading remains part of the wider crypto market activity. That is the backdrop behind Canary’s latest filing.
For now, the PEPE ETF remains a proposed product awaiting regulatory review. But its amendment gives the market another reason to watch how far crypto’s renewed appetite for risk can extend.
Balchunas sees the filing as a potential sign that the worst of crypto winter has passed. The next test is whether that appetite can support products built around assets as volatile as PEPE.
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