A recent bid by investment firm Canary Capital to create an exchange-traded fund (ETF) linked to PEPE has had a muted reaction from Wall Street.
The ETF would track the price of PEPE, a cryptocurrency often associated with meme culture. While this move could bring PEPE closer to mainstream recognition, it seems that investors are not yet convinced by the hype surrounding meme coins.
Recent market data suggests that PEPE's trading volume has increased significantly, reaching around $432 million in a single day. However, its price remains relatively low at approximately $0.00000359.
Institutional investors have traditionally been hesitant to invest in cryptocurrencies due to concerns over regulatory risks and volatility. However, there are signs that this may be changing as some regulatory bodies begin to view meme coins as digital collectibles rather than securities.
James Butterfill, head of research at CoinShares, notes that institutional investors face challenges in making a legitimate investment case for cryptocurrencies like Dogecoin, which remain largely driven by retail trading activity.