With the SEC‘s surprising shift away from its anti-crypto stance, issuers are seizing the opportunity. Unexpected applications for ETFs related to cryptocurrencies are flooding in, and leading the charge is Canary, which aims to transform U.S. exchanges into meme coin DEX platforms.
PENGU Coin ETF
Just minutes ago, Canary submitted its S-1 application form. PENGU Coin, which recently conducted an airdrop on the Solana 
$86 network, has seen a significant decline since that time. Following the announcement, the price surged from $0.00682 to $0.00760, reflecting a rise of over 10%, before settling around the $0.007 mark.
While the application is promising for PENGU, it raises concerns about the technological integrity of cryptocurrencies. On one hand, Solana boasts the fastest and most cost-effective layer 1 network, while entities like Ripple 
$1 strive to provide infrastructure for financial institutions. In contrast, meme coin ETFs like TRUMP Coin, Floki, BONK, and PENGU appear frivolous. Perhaps the SEC needs to make comprehensive decisions regarding assets that lack intrinsic value.
When considering the so-called community power, which often revolves around selling to the next buyer for a better price, it becomes clear what needs to be done concerning meme coins and their ETF applications.
