Barstool Sports founder Dave Portnoy launched the $GREED meme coin as a social experiment, only to sell his entire position within an hour, causing its value to plummet over 90% and netting him approximately $258,000. This move comes amid controversy in the meme coin space, particularly surrounding the LIBRA token, which faced allegations of insider trading and market manipulation. Following the $GREED incident, Portnoy introduced another token, GREED2, while emphasizing his freedom to sell other coins despite previous claims.
about Barstool Founder Launches and Sells GREED Meme Coin in One HourPortnoy
0 posts last weekDave Portnoy’s Memecoins Collapse Amid Controversy and Criticism
Dave Portnoy’s launch of the GREED memecoin on the Solana blockchain saw him acquire 35% of the total supply, but after cashing out with a profit of nearly $258,000, the token’s value plummeted over 90%. He subsequently introduced GREED2, which also collapsed in value, and has been linked to the Libra memecoin, where he reportedly lost millions. Portnoy continues to promote JAILSTOOL, asserting he won’t sell until it reaches a $1 billion market cap.
about Dave Portnoy's Memecoins Collapse Amid Controversy and CriticismDave Portnoy Profits from Solana Meme Coin Before Its Collapse
Dave Portnoy profited $258,000 from the Solana meme coin GREED, purchasing 35% of its total supply before a significant sell-off caused its value to plummet over 90%. Following this, he launched GREED2, warning investors of its volatility, while facing accusations of a pump-and-dump scheme. Despite the backlash, Portnoy remains active in the meme coin space, previously linked to the controversial Libra coin.
about Dave Portnoy Profits from Solana Meme Coin Before Its CollapseDave Portnoy Launches $GREED2 After $GREED Token Price Crash
Dave Portnoy’s rapid sale of $GREED tokens led to a staggering 99% price drop, netting him approximately $258,000. Following the controversy, he launched $GREED2, holding around 27% of its total supply, while also promoting another meme coin, $JAILSTOOL. Portnoy’s actions have sparked criticism, highlighting the greed prevalent in the meme coin ecosystem.
about Dave Portnoy Launches $GREED2 After $GREED Token Price CrashDave Portnoy Returns Libra Tokens Amid Controversy Over Project’s Collapse
Dave Portnoy returned 6 million Libra tokens to founder Hayden Davis after being told not to disclose the compensation for promoting the project. He kept the tokens he purchased, which lost over 95% of their value, and speculated that Argentine President Javier Milei’s unexpected withdrawal of support contributed to the project’s collapse. Milei now faces potential impeachment due to his involvement in the promotion of the failed token, which resulted in a significant loss of liquidity.
about Dave Portnoy Returns Libra Tokens Amid Controversy Over Project's Collapse