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