Hedge funds are starting to succumb to the lure of crypto memecoins in search of bigger gains, according to a report from Bloomberg.
Newport Beach, California-based fund Stratos – backed by heavyweight investors Marc Andreessen and Chris Dixon – reportedly recorded 137% gains in Q1 by allocating part of its portfolio to dogwifhat (WIF), which is now the biggest memecoin on Solana (SOL).
Says Stratos’ founding partner Rennick Pallet,
“The unspoken truth is that if the fund isn’t doing it, the people working at the fund are doing it.”
While memecoins essentially started as a joke – perhaps with the launch of Dogecoin (DOGE) in 2013 –the investor says that more hedge funds will inevitably start taking the sector more seriously as they become more comfortable with digital assets in general.
“People will become more comfortable with the concept over time, not dissimilar to how people became comfortable with crypto overall… I wouldn’t be surprised with firm
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