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Mog Coin, a small meme-driven cryptocurrency, briefly surged this week after Canary Capital asked US regulators for approval to launch an exchange-traded fund tied to the token’s price.
The firm’s SEC filing on Wednesday described Mog Coin as a community-shaped digital collectible rooted in “Mog” meme culture.
The move comes as asset managers continue pushing increasingly speculative crypto ETFs, following the SEC’s decision in September to streamline listing requirements.
Price Spike After Filing
Although MOG trades for a fraction of a cent and has dropped more than 80% over the past year, the ETF news triggered a quick rally. The token’s market value jumped from under $140 million to over $169 million before settling near $146 million – still up around 5.5% on the day.
Data shows the token, launched in July 2023, sits in just over 39,000 wallets, with the top 100 holders controlling 53% of the supply. Canary noted that the project’s backers have not outlined any real blockchain use case beyond its meme identity. The proposed ETF may also hold up to 5% in Ether to cover network fees, since MOG operates on Ethereum.
Canary Expands Altcoin ETF Lineup
The firm has been aggressively filing for crypto ETFs, including products tied to SEI and a Trump-themed memecoin. It recently launched Hedera and Litecoin funds, and an XRP ETF could debut as early as Thursday – potentially the first of its kind in the US.
The SEC is expected to resume reviewing these applications after the US government reopened this week. President Donald Trump signed a bill that ended a record 43-day shutdown, allowing federal agencies to restart their normal work.