PEPE's price declined even though Canary Capital submitted an ETF application to the US SEC.
PEPE dropped about 6% in the past 24 hours, trading below $0.0000035. The decline persisted even after notable news announcements. Trading volume stayed modest, indicating limited immediate buying pressure. Overall market direction remains weak, contributing to the token’s slide. Canary Capital filed an S‑1 with the SEC to launch a Canary PEPE ETF, a move usually seen as bullish. The ETF would let traditional investors gain exposure without holding the coin directly. Despite the potential long‑term upside, the filing failed to lift PEPE’s price in the short run. Investor reaction has been muted, leaving the token unchanged. On‑chain and futures data show a bearish bias, with sellers dominating recent activity. The long‑to‑short ratio fell to 0.81—the lowest in over a month—signaling more bets on a price drop. Funding rates turned negative at –0.0081%, meaning shorts are paying longs. Large whale orders, however, keep a modest upside outlook alive. The 4‑hour chart remains bearish, with PEPE sliding below the 50‑day EMA near $0.0000036. RSI hovers around 55, edging toward neutral as bullish momentum fades. A break below $0.0000033 could trigger a move toward the February low of $0.0000031. Conversely, a rally back to the EMA might revive short‑term gains.
