Dave Portnoy Launches, Sells, and Crashes Memecoin, GREED, in a Matter of Hours
The founder of Barstool Sports, Dave Portnoy, has once again shaken up the cryptocurrency world by launching his own memecoin on Solana called GREED. Shortly after its launch, he sold a large portion of the circulating supply, making a profit of nearly $258,000 according to on-chain analysis by Lookonchain. This massive sell-off caused the token’s price to plummet from $0.03 to less than $0.003, a drop of over 90%.
Portnoy didn’t stop there. He converted his profits into another memecoin, JAILSTOOL, which he actively promotes on his social media platforms. A few hours later, he launched GREED2, stating, “Only bet what you can afford to lose. It will be volatile.” Despite this warning, the token’s market capitalization briefly reached $28 million before crashing below $750,000.
A Critique of the Memecoin Market or a Simple Rugpull?
Portnoy’s initiative quickly elicited contrasting reactions. In a post on X, he denounced the hypocrisy of the memecoin market: “Many people pretend to be moral authorities, but their only goal is to sell you their tokens for easy money. Everyone is greedy. At least I admit it.” This statement didn’t convince everyone, with some accusing him of orchestrating a rugpull.
A Checkered Past with Memecoins
This isn’t the first time Dave Portnoy has been involved in controversies related to cryptocurrencies. Recently, he lost $5 million while trading the memecoin Libra before being offered reimbursement by Hayden Davis, the person responsible for the debacle.
As for JAILSTOOL, Portnoy claims not to be the creator but asserts that he won’t sell until it reaches a $1 billion market capitalization. This declaration stands in stark contrast to his behavior surrounding GREED, where he clearly participated in a pump and dump scheme. “I’m down about $600,000. Yet, I’m being called a scammer,” he responded to critics.
