TLDR
- Canary Capital filed an S-1 application with the SEC on Wednesday to launch a spot PEPE ETF
- PEPE price declined 4.58% on Wednesday and continued falling Thursday, trading below $0.0000036
- The long-to-short ratio dropped to 0.81, the lowest in over a month, signaling bearish sentiment
- PEPE funding rates turned negative at -0.0081%, showing shorts are paying longs
- PEPE has a market cap of $1.5 billion and a total supply of over 420 trillion tokens
Canary Capital filed an S-1 registration with the U.S. Securities and Exchange Commission on Wednesday, seeking approval to launch a spot Pepe ETF. The filing tracks the price of PEPE, the frog-themed memecoin that launched in April 2023.
CANARY CAPITAL FILES FORM S-1 FOR $PEPE ETF pic.twitter.com/Crt7RtyJg0
— The Wolf Of All Streets (@scottmelker) April 8, 2026
The news did not push PEPE’s price higher. The token fell 4.58% on Wednesday and kept sliding into Thursday, trading below $0.0000036.
Canary Capital has been active in the memecoin ETF space. Last year, the firm filed for ETFs tracking MOG and Pengu, making it one of the few asset managers pushing for funds tied to smaller, meme-based tokens.
The filing notes that PEPE has no utility. It exists purely as a speculative asset with a total supply of more than 420 trillion tokens.
An ETF approval would let traditional investors buy exposure to PEPE without holding the token directly. It could also increase liquidity and add legitimacy to the coin. But those effects would come later, if approved at all.
Bearish Signals in the Data
On-chain data from CryptoQuant shows mixed conditions with early signs of bearishness. Futures market activity points to sellers being in control.
PEPE’s long-to-short ratio on CoinGlass fell to 0.81 on Thursday. That is the lowest reading in over a month. A ratio below 1.0 means more traders are betting on the price falling than rising.
Funding rates also flipped negative, sitting at -0.0081% on Thursday. When funding rates go negative, shorts are paying longs — a sign of bearish positioning in the derivatives market.
Large whale orders were spotted in both spot and futures markets, which some analysts read as a mildly positive sign. But overall sentiment remains cautious.
Price Levels to Watch
PEPE briefly climbed above the 50-day Exponential Moving Average at $0.0000036 on Tuesday, gaining over 11%. It could not hold that level and pulled back the next day.
$PEPE https://t.co/ZSbxNWhyDS pic.twitter.com/ccKNSHNxfC
— Greeny (@greenytrades) April 8, 2026
If the price keeps falling, the next support sits at Tuesday’s low of $0.0000033. A break below that could send PEPE toward the February 6 low of $0.0000031.
The RSI on the daily chart reads 50 and is pointing downward, suggesting fading buying pressure. The MACD still shows a bullish crossover from last week, which remains intact.
PEPE was trading at $0.0000036 with a market cap of $1.5 billion as of Wednesday at 5:49 p.m. ET.
