‘Three Arrowz Capitel’ make a big fat memecoin bet
Once glorified as a multibillion-dollar powerhouse in the crypto investment world, the founders of Singapore-based Three Arrows Capital (3AC) have taken a sharp turn into memecoin territory with their latest pivot.
Su Zhu, the co-founder of 3AC, recently ramped up his public memecoin trading game with a tweet saying, “Run it back,” with subsequent announcements in new investments like “Fat Girlfriend” and “Astrofolio” — yes, a bundle of tokens based on astrological signs.
3AC announces investment in Fat Girlfriend. (3AC)
Zhu’s new investment thesis jumps on the so-called “memecoin supercycle.”
At the recent Token2049 conference in Singapore, meme trader Murad Mahmudov argued that memecoins offer a refreshing twist in a market saturated with overhyped VC-backed altcoins. He claimed that memecoins will outpace altcoins by capitalizing on retail traders’ fatigue from being used as “exit liquidity” by altcoin founders and venture capitalists.
Zhu takes it a step further, boldly predicting that institutional investors will soon flock to memecoins:
“Hearing liquid funds who had previously rejected memecoins are now being asked by LPs why they haven’t caught the moves. Institutional allocation to memecoins is likely to be the story of q4 2024.”
Somewhat ironically, Zhu was a leading proponent of the last failed “supercycle” theory, which held that increasing institutional investment meant the last bull run would never end. It did end, of course, and 3AC was partly responsible, with the firm’s $3 billion debt implicated in the collapse of numerous crypto lenders. 3AC has now risen like an unwanted phoenix from the ashes.
After their crypto exchange OPNX flopped and closed in February, they backed a new memecoin exchange, OX.Fun, a derivatives trading platform that reportedly raised $4 million earlier this…..
