The crypto world is buzzing again, thanks to a recent tweet from BSC News announcing yet another memecoin ETF filing. This time, it's for Mog Coin ($MOG), and it has everyone wondering if this playful token could outpace some major altcoins in the race to traditional finance integration.

For those new to the scene, Mog Coin is an ERC-20 token on the Ethereum blockchain, launched back in July 2023. It's inspired by the popular "Mog" internet meme—a cute cat character that's all about vibes and community fun. Unlike utility-focused coins, $MOG thrives on cultural appeal, with a fixed supply of 420.69 trillion tokens (a nod to meme culture) and about 390.57 trillion in circulation after some burns. As of now, it's trading at around $0.000000327, boasting a market cap near $124 million and daily volumes averaging $19 million.

Now, onto the big news: Canary Capital, a player in the crypto investment space, dropped an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on November 12, 2025. This filing is for the Canary MOG ETF, which aims to track the spot price of Mog Coin directly. Think of an ETF as an exchange-traded fund—it's like a stock that bundles assets and trades on traditional exchanges, making it easier for everyday investors to get exposure without holding the actual crypto.

The proposed ETF would operate under a grantor trust structure, holding Mog Coin in secure digital wallets. Most of it would be in cold storage (offline for safety), with a bit in hot wallets for quick access. They'd even hold up to 5% in Ether to cover transaction fees. To keep things accurate, the fund plans to use a 60-minute volume-weighted average price from up to eight major trading platforms as its benchmark.

Shares would be created and redeemed in baskets by authorized participants, either in-kind (swapping for actual Mog Coin) or in cash. Key partners include CSC Delaware Trust Company as trustee and U.S. Bancorp Fund Services as administrator, with a custodian providing up to $250 million in insurance against hacks or theft.

But let's be real— this is still speculative. The fund isn't registered under the Investment Company Act of 1940, so it skips some investor protections. SEC approval could take months, and there's no guarantee it'll happen. Recent approvals for other spot ETFs hint at a friendlier regulatory vibe, but meme coins add an extra layer of unpredictability.

The market's already reacting positively. Right after the filing news broke, $MOG's market cap jumped from under $140 million to over $169 million before settling around $146 million. That's a 5.5% daily gain, with a 15% surge over the past week and 10% in the last 24 hours. Trading volumes are up too, showing heightened interest.

If this ETF gets the green light, it could be huge for meme tokens. It would offer regulated access for traditional investors, like those with retirement accounts that can't touch raw crypto. This might pump up demand as the fund buys $MOG to back its shares, potentially driving prices higher. Plus, it adds legitimacy—turning a fun meme into something Wall Street takes seriously. However, ETF holders won't get direct perks like airdrops or forks, and there could be divergences due to fees or market premiums.

Canary isn't stopping at $MOG; they've got filings for Hedera and Litecoin ETFs too, positioning themselves as bridges between crypto and tradfi. For meme enthusiasts, this signals that tokens like $MOG aren't just jokes anymore—they're evolving into assets with real institutional potential.

As always, do your own research. Check out the full S-1 filing on the SEC website and keep an eye on CoinGecko for live stats. What's your take—will $MOG lead the meme ETF wave? Drop your thoughts below!