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Memecoins are back and they're producing some wild returns even hedge funds can't ignore. Coins like Dogwifhat and Baby Doge Coin soared amid bitcoin's explosive rise in the first quarter. AdvertisementMemecoins have made a comeback amid bitcoin's big rally this year, and with skyrocketing returns in the highly volatile corner of the crypto market, some hedge funds have been jumping in, Bloomberg reported. California-based hedge fund Stratos debuted a fund that holds Dogifwhat, a token whose mascot is a dog in a beanie. Hedge fund Lekker Capital's founder, Quinn Thompson, told Bloomberg that memecoins are just another chapter in the saga of "retail frenzy," akin to the GameStop and meme stock madness in traditional markets.
Persons: Memecoins, , skyrocketing, Stratos, Howard, rocketed, Crypto, Lekker, Quinn Thompson, Pantera, they've Organizations: Service, Bloomberg, Pantera Capital, GameStop Locations: California, New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Pantera Capital founder Dan MoreheadDan Morehead, Pantera Capital founder and managing partner, joins 'Squawk Box' to discuss Treasury rate trends, why he believes the yield on the 10-year could hit 5%, the Fed's inflation fight, interest rate outlook and impact on equities, the state of cryptocurrency market, and more.
Persons: Dan Morehead Dan Morehead Organizations: Pantera Capital
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPantera Capital's Dan Morehead explains why he believes equities are 'wildly overvalued'Dan Morehead, Pantera Capital founder and managing partner, joins 'Squawk Box' to discuss Treasury rate trends, why he believes the yield on the 10-year could hit 5%, the Fed's inflation fight, interest rate outlook and impact on equities, the state of cryptocurrency market, and more.
Persons: Dan Morehead Organizations: Pantera Capital
Bitcoin could soar to $148,000 by 2025 after the next halving cycle, Pantera Capital said. In a recent note, the research firm said the token could have already seen its bottom in 2022. "Bitcoin has historically bottomed 477 days prior to the halving, climbed leading into it, and then exploded to the upside afterwards," Pantera Capital wrote. Joe Kelly, the cofounder and CEO of financial services company Unchained, also sees steep upside for bitcoin after the halving process. He pointed out in a recent note that 12 months after the 2012, 2016, and 2020 halvings, bitcoin was up 8,069%, 284%, and 559%, respectively.
Persons: Bitcoin, bitcoin, Satoshi Nakamoto, Joe Kelly, Kelly Organizations: Pantera, Service Locations: Wall, Silicon
Investors stuck to crypto startups they considered "safe bets," but FTX's failure challenges that idea. Crypto startups held yacht parties through the summer and into early fall at events such as NFT.NYC and Messari Mainnet. "The whole crypto space is a high-leverage space, and it's susceptible to cascading failures." The events of the past week are unlikely to whet risk-averse LPs' appetite for crypto, investors told Insider. Even so, several investors who have backed crypto startups told Insider that despite the industry's recent travails, they remain believers in the technology.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBillions of people will use blockchain in coming years, says Pantera CEODan Morehead, founder and CEO of Pantera Capital, joins CNBC's 'Squawk Box' to break down crypto prices' moves ahead of the open market.
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