Canary Capital Files For Spot Mog Coin ETF, MOG Jumps 2%
Canary Capital has filed for a spot Mog Coin ETF (exchange-traded fund) to offer investors exposure to the cat-themed meme coin.
Following the filing, the token’s price jumped over 2%, data from CoinMarketCap shows. As a result, the crypto trades at $0.0000003911 as of 6:36 a.m. EST.
MOG price (Source: CoinMarketCap)
The recent gain has added to the crypto’s positive weekly performance, which now stands at more than 3% as a result. However, the meme coin remains more than 15% in the red over the past 30 days.
MOG is also down more than 90% from the all-time high (ATH) of $0.000004022 that it set on Dec. 7, 2024.
Canary Capital Calls Mog A “Cultural Statement” In ETF Filing
The firm submitted the registration statement yesterday for the MOG ETF.
MOG currently has a market cap of over $153.26 million, ranking it at number 242 in terms of capitalization, according to CoinMarketCap.
Launched on the Ethereum blockchain, Canary Capital described the token as both a meme coin and as a “cultural statement,” reflecting its roots in the “Mog” meme.
The recent filing is the latest move in Canary’s strategy to build a long-tail product suite. Just last month, the company launched ETFs for altcoins Litecoin (LTC) and HBAR. It is also preparing to launch its spot XRP ETF, which is expected to hit the market later today.
MOG Price Consolidates As Bullish Momentum Builds
Looking at the daily chart for MOG, the meme coin has been trading in a medium-term consolidation channel between $0.0000003189 and $0.0000005562 over the past few weeks. If buyers decide to step in soon, it could lead to a strong upside move for the crypto.
Daily chart for MOG/USD (Source: GeckoTerminal)
Currently, the meme coin’s price is being held down by the 9 and 20 Exponential Moving Averages (EMAs), which are acting as dynamic resistance levels. Breaking above these technical indicators might lead to a test of the upper boundary of the consolidation channel, before a climb to as high as $0.0000008301 in the short term.
However, another rejection could result in a retest of the lower boundary of the channel.
Buyers do, however, seem to be gradually accumulating strength, which could be the precursor to a strong move.
The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) show that buyers are gaining from a momentum and strength perspective.
The MACD line is starting to rise above the MACD Signal line, which traders might interpret as an indication of growing positive momentum.
Meanwhile, the RSI has ticked up in the last 48 hours and is positively sloped. This could be seen as a sign that bulls are growing stronger.
Additionally, the current reading below 50 shows that there is still some room for MOG to climb before it enters overbought territory, which is signalled by an RSI reading of 70 or above.
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