- Canary Capital has filed for a spot Mog Coin ETF
- The filing led to a brief rally in MOG price to a weekly high of $0.000000443
- Mog Coin’s open interest also spiked to $869 million
Mog Coin price reached a weekly high of $0.000000443 on November 12, after reports that Canary Capital has filed for a spot ETF to track the price of the meme coin. The brief rebound was accompanied by a staggering 193% jump in trading volumes as open interest also soared. At press time, MOG trades at $0.00000039, with a modest 3.46% gain in 24 hours.
Mog Coin Surges Amid Spot ETF Buzz
A regulatory filing submitted to the US Securities and Exchange Commission (SEC) has revealed that Canary Capital seeks to provide investors with exposure to Mog Coin through a spot ETF. In its filing, Canary described the Ethereum-based meme coin as an “internet meme.”
“Because of its association with the ‘Mog’ meme culture and its community-driven branding, some consider MOG both a cultural statement and a digital collector’s item,” the filing said.
Canary further disclosed the volatile nature of the meme token, acknowledging that it has faced significant price fluctuations in the past. Data from CoinMarketCap shows that since December 2024, the price of Mog Coin has plunged by more than 90%.
The regulatory filing renewed buzz in the meme coin, which saw a brief rally to $0.000000443 before profit-takers dampened the momentum. The news also triggered an over 180% surge in 24-hour trading volumes to $31 million.
This will not be the first time that Canary has filed for a meme coin ETF. In March, the firm triggered a massive rally for the Pudgy Penguins (PENGU) meme coin after filing with the SEC for its ETF.
Additionally, the Mog Coin ETF filing also comes as a flurry of ETF filings continues to flood the SEC. The regulator is expected to resume its review process for these products soon after Trump’s signing of the funding bill on Wednesday ended the longest-ever government shutdown and paved the way for the SEC to continue its review process. The bill’s signing has also raised speculations of a bullish crypto rally.
Mog Coin Open Interest Spikes Amid Reduced Meme Coin Interest
The brief gain in Mog Coin price has also coincided with a spike in open interest from $649 million to $869 million at press time per Coinglass data. The spike also coincides with a positive funding rate, showing that most traders are opening long positions on the token.
Nevertheless, the rally is already showing signs of fading and could be short-lived, considering the reduced frenzy in meme coins. Data from CoinMarketCap shows that in the last month, meme coins have shed 18% of their value, with their current market capitalization standing at $55 billion.
