Why This Hedge Fund Bought Dogwifhat at 1 Cent: ‘It Had a Hat’
After venture capital firm Stratos boasted 300x profits from an investment in Solana meme coin Dogwifhat (WIF), other hedge funds started to consider meme coins as a legitimate investment. So, why did Stratos believe in a Shiba Inu with a hat?
The California-based firm invested in WIF in December when it was around $0.01. And it’s still holding onto its stash of WIF, which is now trading for $2.76 according to CoinGecko data.
Prior to investing in WIF, Stratos had invested in some of the “blue chip” meme coins—the likes of Dogecoin, PepeCoin, and Shiba Inu. Due to its small team, Stratos says it was able to be quick on its feet when they first got a whiff of WIF.
“Normally, you will spend months doing due diligence before you actually make an investment. That obviously doesn’t work for memes,” Rennick Palley, founding partner of Stratos, told Decrypt. “The reason why we designed the fund the way it is, is because we've been in crypto long enough to know how it works.”
WIF is the latest dog-based meme coin on the Solana blockchain. It doesn’t pretend to be anything it isn’t, explaining on its website that it’s “literally just a dog wif a hat.” With no utility, the community has turned to guerrilla marketing to boost the tokens value, with the project currently aiming to get its furry mascot plastered on the Las Vegas Sphere.
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