AXL Token Soars 14%: Strong Expectations for ETF Launch!
Canary Capital submitted an S-1 registration application to the U.S. Securities and Exchange Commission on Wednesday, hoping to launch the Axelar ETF. According to a document, after they revealed the news of launching the 'Canary AXL ETF' on the social media platform X, Axelar's AXL token surged over 14% within minutes. As of 5:27 PM Eastern Time, the price of AXL slightly retraced to about $0.43, but it still increased over 10% in the past 24 hours, performing significantly better than other cryptocurrencies.
Canary appears to be the first financial institution hoping to launch an exchange-traded fund that tracks the AXL price. On the same day, Bitwise also submitted an S-1 registration application, hoping to launch an ETF based on Aptos.
Since the launch of many Bitcoin and Ethereum-based ETFs last year, the number of submissions for alternative coin ETFs has been steadily increasing following the arrival of President Donald Trump's crypto-friendly administration.
Axelar is an interoperability platform based on Cosmos that facilitates communication between different blockchain architectures, including Ethereum, Arbitrum, and Optimism. Its Mobius development kit provides tools and infrastructure to enhance secure interoperability between networks.
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