In the wild world of cryptocurrency, where fortunes are made and lost within the blink of an eye, you might think the last thing you need is another meme coin—unless, of course, its creator is none other than Dave Portnoy, the Barstool Sports founder known for stirring up waves. Portnoy recently launched a coin aptly named “Greed,” only to trigger chaos by cashing out his entire stake in one fell swoop, resulting in a staggering 99% price drop that left many investors shaken. With a quick profit of $258,000 in his pocket and countless followers left holding near-worthless tokens, he then debuted “Greed2,” boasting a retention of 26.8% of its supply while cautioning investors against getting too attached. How does one go from viral highs to crypto calamities? Is there a lesson in this dizzying tumble, or is it just another day in the meme-coin playground? Buckle up, because this rollercoaster is sure to raise eyebrows and questions galore! LEARN MORE
Key Notes
- Barstool Sports founder launched Greed and later sold all his holdings in one move, triggering a massive price collapse.
- His sudden sell-off earned him $258,000 while leaving investors with nearly worthless tokens.
- After Greed collapsed, he launched Greed2, keeping 26.8% of its supply and warning investors about potential risks.
Dave Portnoy, the founder of Barstool Sports, launched a meme coin called Greed, only to cash out all at once, causing the coin’s value to tank by 99%.
On-chain analytics firm Lookonchain revealed that Portnoy created Greed and purchased 357.92 million tokens, representing 35.79% of the total supply. As the price surged, he sold his entire position in a single transaction, making a quick $258,000 profit. This sudden sell-off caused Greed to crash by 99%, leaving investors with nearly worthless tokens.
Portnoy Defends Actions amid Accusations of Market Manipulation
Facing backlash, Portnoy dismissed criticism, asserting that he could easily transform a small investment of $2,000 into nearly a million dollars within minutes if he chose to. He argued that as long as Greed remained available and meme coins were legally traded, there would always be strong demand for them.
