对冲基金追随 Memecoin 潮流，推动投机激增

对冲基金行业正在接受模因币的诱惑，Stratos 等基金推出了流动基金，宏观重量级人物 Brevan Howard 也在该行业进行了“小额”投资。模因币通常基于互联网模因和趋势，在去中心化交易所的受欢迎程度和交易量激增。尽管一些加密货币参与者因缺乏传统基本面而持怀疑态度，但对冲基金仍被快速回报的潜力和支持模因币的基础设施不断增加所吸引。

Hedge Funds Embrace Memecoins, Fueling Speculative Frenzy

对冲基金拥抱 Memecoin，助长投机狂潮

Newport Beach, California – The world of hedge funds is succumbing to the allure of memecoins, a peculiar class of cryptocurrencies that have captivated the attention of retail investors and financial institutions alike.

加利福尼亚州纽波特海滩——对冲基金世界正在屈服于模因币的诱惑，模因币是一类特殊的加密货币，吸引了散户投资者和金融机构的关注。

Stratos, a Newport Beach-based hedge fund, launched a liquid fund in December that invested in Dogwifhat, a memecoin featuring a canine mascot. The audacious move paid off handsomely, as the fund's value skyrocketed by 137% in the first quarter, far outperforming the broader crypto market.

总部位于纽波特比奇的对冲基金 Stratos 在 12 月推出了一只流动基金，投资了 Dogwifhat，这是一种以狗吉祥物为特色的模因币。这一大胆的举动获得了丰厚的回报，该基金的价值在第一季度飙升了 137%，远远超过了更广泛的加密货币市场。

Stratos, which counts venture capital luminaries Marc Andreessen and Chris Dixon among its limited partners, is not alone in its foray into the memecoin realm. Macro heavyweight Brevan Howard has also invested in the sector, albeit "tinily," according to a source familiar with the matter who requested anonymity.

Stratos 的有限合伙人包括风险投资名人马克·安德森 (Marc Andreessen) 和克里斯·迪克森 (Chris Dixon)，该公司并不是唯一一家涉足模因币领域的公司。据一位要求匿名的知情人士透露，宏观重量级人物布雷文霍华德也投资了该行业，尽管投资规模“很小”。

Crypto fund Pantera Capital has added its voice to the growing chorus of memecoin proponents, asserting that "memecoins are here to stay" and that their trading presents "gigantic" opportunities.

加密货币基金 Pantera Capital 加入了越来越多的 memecoin 支持者的行列，声称“memecoin 将继续存在”，并且它们的交易提供了“巨大”的机会。

According to data tracker CoinMarketCap, memecoins have surged to a collective market value of $54.7 billion, with the highest trading volume observed on decentralized exchanges.

根据数据追踪公司 CoinMarketCap 的数据，memecoin 的总市值已飙升至 547 亿美元，其中去中心化交易所的交易量最高。

"The unspoken truth is that if the fund isn't doing it, the people working at the fund are doing it," said Rennick Palley, founding partner of Stratos.

Stratos 创始合伙人雷尼克·帕利 (Rennick Palley) 表示：“不言而喻的事实是，如果基金不这么做，基金工作人员就会这么做。”

Hedge funds have long been active in the crypto market, attracted by strategies such as arbitrage trading involving the Grayscale Bitcoin Trust. However, the advent of memecoins marks a notable shift in their approach. Unlike conventional cryptocurrencies, memes are typically not associated with specific projects, and most originated as internet jokes or trends.

对冲基金长期以来一直活跃在加密货币市场，受到涉及灰度比特币信托的套利交易等策略的吸引。然而，模因币的出现标志着他们的方法发生了显着转变。与传统的加密货币不同，模因通常与特定项目无关，大多数起源于互联网笑话或趋势。

"It's just a retail frenzy, it's just what you've seen in GameStop and meme stocks in the traditional markets," said Quinn Thompson, founder of hedge fund Lekker Capital, who has experimented with trading memecoins in his personal account. "It's the tip of the spear for speculation. It's gambling."

对冲基金 Lekker Capital 的创始人奎因·汤普森 (Quinn Thompson) 表示：“这只是散户的狂热，就像你在传统市场的 GameStop 和 meme 股票中看到的那样。”他曾尝试在个人账户中交易 memecoin。 “这是投机的矛尖。这是赌博。”

The first meme coin was launched in 2014, and tens of thousands have since proliferated. Dogecoin, featuring a Shiba Inu image, has emerged as the eighth-largest cryptocurrency, with a market value of around $22 billion. While many retail investors have lost substantial sums on memecoins, professional investors have largely stayed clear – until the recent crypto boom.

第一个 Meme 币于 2014 年推出，此后已有数以万计的币激增。带有柴犬形象的狗狗币已成为第八大加密货币，市值约为 220 亿美元。尽管许多散户投资者在模因币上损失惨重，但专业投资者基本上保持清醒——直到最近的加密货币热潮。

"Meme coins initially started as clearly a joke," said Cosmo Jiang, a portfolio manager at Pantera. "But over time, they've evolved as much more than that. People have started to call some memecoins as culture coins, they are a membership into a culture or a group of people with a shared believe system."

Pantera 的投资组合经理 Cosmo Jiang 表示：“Meme 币最初显然是一个笑话。” “但随着时间的推移，它们的发展远不止于此。人们开始将一些模因币称为文化币，它们是一种文化或一群拥有共同信仰体系的人的成员。”

The creation and launch of memecoins have been significantly simplified by platforms like Pump.fun, which enable users to mint coins in minutes. Blockchains like Solana and Base offer low trading fees, making them havens for these tokens. Telegram bots such as Bonkbot have facilitated meme trading.

Pump.fun 等平台大大简化了 memecoin 的创建和发布，用户可以在几分钟内铸造硬币。 Solana 和 Base 等区块链的交易费用较低，使其成为这些代币的避风港。 Bonkbot 等 Telegram 机器人促进了模因交易。

"Since the last cycle, the infrastructure surrounding memecoins has become more robust, with significant improvements in liquidity for several tokens," said Josh de Vos, research lead at CCData. "Centralized exchanges have developed sophisticated futures markets for leading memecoins, enabling hedge funds to capitalize on their volatile movements and effectively hedge their exposure."

CCData 研究主管 Josh de Vos 表示：“自上一个周期以来，围绕 memecoin 的基础设施变得更加强大，多种代币的流动性显着改善。” “中心化交易所为领先的模因币开发了复杂的期货市场，使对冲基金能够利用其波动性走势并有效对冲其风险敞口。”

As a result, hedge funds have gained greater confidence in following the lead of retail investors and promoters, who recognize the minuscule prices of most memecoins as opportunities for quick, albeit highly speculative, returns.

因此，对冲基金在追随散户投资者和发起人的领导下获得了更大的信心，他们认识到大多数模因币的极低价格是获得快速（尽管高度投机）回报的机会。

"Dogwifhat was almost a rounding error in terms of its initial cost base. That's how we typically think about memes," said Stratos's Palley.

“就其初始成本基础而言，Dogwifhat 几乎是一个四舍五入的错误。这就是我们通常对模因的看法，”Stratos 的帕利说。

Palley believes that as more hedge funds embrace memecoins, the interest in these volatile tokens will only intensify.

帕利认为，随着越来越多的对冲基金接受模因币，对这些波动性代币的兴趣只会增强。

"People will become more comfortable with the concept over time, not dissimilar to how people became comfortable with crypto overall," he said. "I wouldn't be surprised with firms creating meme-only funds, just as they created NFT-only funds."

他说：“随着时间的推移，人们会越来越适应这个概念，这与人们对加密货币的总体适应程度没有什么不同。” “对于公司创建仅限 Meme 的基金，我不会感到惊讶，就像他们创建仅限 NFT 的基金一样。”

However, NFTs have proven to be highly unstable investments, with the market plummeting in 2022. In contrast, memecoins are explicitly acknowledged as lottery tickets, tempered by the understanding that they have little inherent value.

然而，NFT 已被证明是高度不稳定的投资，市场将在 2022 年暴跌。相比之下，memecoin 被明确视为彩票，但人们认为它们几乎没有内在价值。

Additional Insights

额外的见解

• Stratos's Dogwifhat fund outperformed the broader crypto market, posting a 137% return in the first quarter of 2023.
• Macro heavyweight Brevan Howard has invested "tinily" in memecoins.
• Pantera Capital has proclaimed that "memecoins are here to stay" and that their trading presents "gigantic" opportunities.
• Memecoins have experienced the highest trading volume on decentralized exchanges as of late.
• The overall market value of memes has swelled to around $54.7 billion.
• The creation and launch of memecoins have been significantly simplified by apps like Pump.fun and blockchains like Solana.
• Telegram bots like Bonkbot have facilitated meme trading.
• Some memes are now being listed on mainstream exchanges like Gemini.
• Hedge funds are feeling more comfortable investing in memecoins as the infrastructure surrounding them becomes more robust.
• As more hedge funds embrace memecoins, the interest in these volatile tokens is expected to increase.
• NFTs have proven to be unreliable investments, but memecoins are not claiming to be anything more than lottery tickets.

Stratos 的 Dogwifhat 基金表现优于更广泛的加密货币市场，在 2023 年第一季度实现了 137% 的回报率。宏观重量级人物 Brevan Howard 对 memecoins 进行了“少量”投资。 Pantera Capital 宣称“memecoins 将继续存在”，并且它们的交易呈现“巨大”的机会。Memecoins 最近在去中心化交易所经历了最高的交易量。meme 的整体市值已膨胀至 547 亿美元左右。Pump.fun 和区块链等应用程序大大简化了 memecoins 的创建和发布像 Solana 一样。像 Bonkbot 这样的 Telegram 机器人促进了 meme 交易。一些 meme 现在已经在 Gemini 等主流交易所上市。随着围绕 meme 的基础设施变得更加强大，对冲基金对投资 meme 币感到更加自在。随着越来越多的对冲基金接受 meme 币，对这些波动性代币的兴趣预计会增加。NFT 已被证明是不可靠的投资，但 memecoin 并没有声称自己只不过是彩票。