Memecoins
Crypto Hedge Funds Attracted by Memecoins Returns, Like Dogwifhat (WIF)
The world of hedge funds seems to find the siren song memecoins irresistible.
When dog hat became the most popular token in crypto in December, Newport Beach, California-based Stratos launched a liquid fund containing the token, whose mascot is, of course, a dog wearing a beanie. At one point, the token’s price appreciated more than 300 times, helping the fund post a 137% return in the first quarter, more than double the gains seen overall in the crypto market. Dogwifhat is down more than 40% from its all-time high set last month.