PEPE Pumps 2% After Canary Files for an ETF—Because Even Memecoins Want a Tax Wrapper Now

PEPE caught a solid bid on April 10, climbing roughly 2% on the daily chart. The pump arrives after Canary Capital dropped a spot ETF filing for the internet's most famous amphibian on the SEC's desk. With Bitcoin lounging comfortably above $72,000, market sentiment stayed jolly enough to give PEPE room to actually do something other than rug its holders—groundbreaking behavior from this crowd.

At time of writing, PEPE is floating around $0.000003644 with a market cap loitering near $1.5 billion. Trading volume spiked $361 million—a meaty 22% jump—likely from degen traders piling in on the ETF buzz like it's the last lifeboat off the Titanic. Couldn't possibly be the usual pump-and-dump rotation, right? Wrong.

Canary Capital dropped the S-1 on April 8, pitching a Canary $PEPE ETF to regulatory gatekeepers. The fund would hold actual PEPE tokens on Ethereum, custodying them with a professional custodian because apparently even PEPE deserves a premium savings account now. A small slice—around 5%—might sit in ETH to cover network fees because gas waits for no meme. Straightforward stuff, no futures chicanery here. Just pure, unadulterated wrapped frog.

With Bitcoin ETFs now pulling in a cumulative $56.85 billion in total net inflows, firms are clearly hungry to shove everything into a tax wrapper. Canary's move follows earlier Dogecoin ETF filings from the usual suspects and signals Wall Street's growing appetite for memecoin exposure. First they came for the serious coins, and now here we are—tuxedo-wearing institutional types asking their compliance departments about $PEPE custody solutions.

On the charts, though, things look more complicated. Some analysts think PEPE has one more leg down before finding a bottom—a potential final dip before consolidating until September or October like it's waiting for a