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,
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“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
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