A16z crypto CTO slams memecoins, say they paint ‘risky casino’ narrative

In a separate post, Lazzarin addressed the fluctuating interest in memecoins, expressing optimism about the development of real products and protocols in the crypto space. However, he cautioned against dismissing the negative consequences of memecoins, stating “we shouldn’t pretend that the casino doesn’t set us back.”

Lazzarin’s statements coincide with reports indicating increased hedge fund interest in memecoins as vehicles for quick profits. According to a Bloomberg report, California-based hedge fund Stratos introduced a fund that includes Dogifwhat, a memecoin featuring a dog mascot, which contributed to a 137% return for the fund in Q1. Additionally, sources reported that Brevan Howard, a New York-based alternative investment manager, has made a “tiny” investment in the memecoin market, although specific details weren’t disclosed.