Digital tokens displayed recoveries on Wednesday as the cryptocurrency market rebounded from yesterday’s dip.
Meanwhile, Donald Trump’s meme token outperformed with a 3.8% uptick in the past day, fueled by exchange-traded funds news.
On Tuesday, asset manager Canary Capital filed to launch an ETF tied to $TRUMP prices.
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Canary Capital files S-1 to launch $TRUMP ETF, meme coins are going institutional
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The move gained attention as it came only a day after the firm applied a Form S-1 with the United States’ securities regulator to launch a historic American-Made Crypto ETF.
Notably, the American-Made Crypto ETF aims to hold digital tokens launched, mined, or with their primary operations in the USA.
News of the $TRUMP ETF filing saw the native token rally 3.8% over the past 24 hours.
The uptick reflected renewed investor sentiment as the meme token secures real-world utility and adoption.
The meme coin, which launched days after Donald Trump’s inauguration, has now joined other USA-made tokens, including Solana, XRP, Litecoin, Chainlink, and Algorand.
Moreover, TRUMP has carved out a sought-after niche among meme traders and politically oriented investors.
If the United States SEC approves the financial product, the $TRUMP ETF could start trading soon, offering interested investors another way to speculate without (directly) holding the altcoin.
Canary Capital’s bold meme coin bet
The asset manager isn’t new to cryptocurrency exchange-traded funds. Its Sei ETF was in the spotlight recently after CBOE’s move.
Also, Canary had filed for Solana, XRP, and Litecoin ETFs.
Nevertheless, filing for the Trump token could be its boldest decision yet.
While cryptocurrencies are inherently volatile, meme tokens are more wild.
Most firms have been skeptical about adopting these assets due to their massive fluctuations.
While established currencies like BTC or ETF rely on their long-term technological roadmaps, themed tokens thrive on hype, internet virality, and cultural moments. They depend more on attention without defined use cases.
Meanwhile, Canary trusts that a $TRUMP ETF is an efficient alternative for investors to access the meme token without storage and volatility challenges.
While investors wait for further details, Canary’s latest moves signal its aggressive actions in the race to make cryptocurrencies a regulated financial instrument.
The company is positioning itself as a pioneer for US-made cryptocurrency ETFs.
Such moves align with Donald Trump’s promise to make America the international hub for crypto.
Furthermore, the timing remains crucial. The SEC has adopted a friendly approach to digital asset regulation under the new chair, Paul Atkins.
Also, the Bitcoin and Ethereum exchange-traded funds approvals softened regulatory bias, and we could see a $TRUMP ETF soon.
$TRUMP price outlook
The meme token gained over 3% in the past day, climbing from $8.2057 to $8.5176.
$TRUMP hovers at $8.39 after slight corrections from intraday peaks.
Technical indicators confirm the potential momentum shift to the upside.
The 3H Moving Average Convergence Divergence and RSI suggest a buyer comeback, positioning $TRUMP for short-term upticks.
Nonetheless, bears control the meme token’s long-term trajectory as it trades below the vital 50- and 100-EMAs.
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