Following Bitcoin’s record rise, memcoins such as Dogwifhat and BabyDogeCoin have made a triumphant return to the market, attracting the attention of hedge funds who simply cannot ignore the enormous profits being generated. This is according to Business Insider.
These formerly joke tokens are starting their spectacular resurgence, providing investors with solid returns in a very unpredictable industry, and even some hedge funds are getting in on the action.
As an example, the Dogifwhat token—which features a picture of a dog wearing a hat—is owned by the Californian hedge fund Stratos, which has created a fund on the exchange. In the first three months of the year, the fund saw a return of 137% thanks to this token.
Decentralized financial exchanges are witnessing a surge in activity related to memcoins due to their ease of creation and trading. On major exchanges like Gemini, the tokens started to be traded more frequently as well.