Canary Capital has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) to launch the first-ever U.S.-based Pepe Coin exchange-traded fund (ETF). This move marks a significant expansion into the meme coin market, highlighting institutional interest beyond major cryptocurrencies like Bitcoin and Ethereum. The proposed ETF will hold Pepe Coin directly on the Ethereum network, with shares created and redeemed in batches of 10,000 units. Despite the filing, Pepe Coin's price dropped over 6% in a day, trading at $0.000003464. The decline suggests limited immediate impact from the ETF news, as the broader market remains cautious. Canary Capital's venture into meme coins follows its applications for other crypto ETFs, including Mog Coin and Pudgy Penguins, amid generally weak investor demand for meme coin ETFs.