The bursting-into-tears-of-joy cat is ready to win the hearts of the SEC in Canary’s brand new ETF pitch.
Mog Coin (MOG), a mid-cap feline themed meme currency, has surpassingly ended up on the SEC’s table as the newest ETF candidate. Canary Capital, the American crypto asset manager that’s recognizable for a flurry of first-to-launch altcoin exchange-traded funds (ETFs), explained why the meme coin is suitable for the traditional markets despite its ironic nature.
Uncanny Meme ETF Lands On SEC’s Table
First of all, Canary Capital highlighted Mog Coin’s huge & active community, describing the meme coin as a digital collectible that’s based on a keystone of internet culture. Naturally, a mid-cap meme coin price-tracking ETF is uncanny to say the least, with even major-caps hardly qualifying for the deed so far.
Following the resolution of the 43-day United States government shutdown, the SEC’s pro-crypto stance could be the catalyst for an inaugural memecoin ETF, but that can also be done without direct approval. Hence, this raises the odds of an eventual meme coin ETF launch, with Shiba Inu (SHIB) & Dogecoin (DOGE) submissions also up for the SEC’s consideration.
MOG Coin Nips 5.5% Gains In Slippery Rally
Amid the news, Mog Coin (MOG) spurred 5.5%, but these whipped-up gains quickly evaporated due to the broader market sentiment still surrounded by fear. Mog’s market cap is relatively low, in spite of the cat-embossed meme currency being available on most major platforms, including Bybit, MEXC, KuCoin, but was skipped by Binance.
Right now, MOG Coin’s upward projection is standing on a slippery slope. The Bollinger Bands (BOLL), a key trading instrument to assess the boundaries of short-term price movements.
At $0.000000400, the cat-themed meme coin’s price has to sustain above this red-label BOLL band for a bigger breakthrough, along with the bullish cross-over on the Exponential Moving Average (EMA) trend-line, portrayed in blue.
However, this won’t be an easy task for the laughing cat – crypto currency whales are actively taking part in profit-taking this Thursday, pushing the Chaikin Money Flow (CMF) to ultra high negative figures, flashing -0.14. Usually, this results in a bull trap, pushing the retail players into purchasing positions at the local top.
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