Crypto Hedge Funds Lured by Returns of Memecoins, Like Dogwifhat (WIF)

The hedge fund world appears to be finding the siren song of memecoins irresistible.

When Dogwifhat became the hottest token in crypto back in December, Newport Beach, California-based Stratos launched a liquid fund that held the token, whose mascot is, of course, a dog wearing a beanie. At one point, the token’s price appreciated by more than 300 times, helping the fund post a 137% return in the first quarter, or more than double the gains seen overall in the crypto market. Dogwifhat is down more than 40% from its record high reached last month.