Dave Portnoy Launches Greed Coin, Sells for $258K, Value Drops 99%
Dave Portnoy, founder of Barstool Sports, launched a meme coin named Greed, acquiring 357.92 million tokens (35.79% of total supply). He sold all his holdings in one transaction, netting $258,000 profit and causing the coin's value to plummet by 99%.
Portnoy's Defense Against Market Manipulation Allegations
- Portnoy argued he could quickly turn a $2,000 investment into nearly $1 million, citing ongoing demand for meme coins.
- Shortly after the collapse of Greed, he introduced Greed2, holding 26.8% of its supply and advising investors to only spend what they can afford to lose.
- Greed2's initial market cap surpassed $28 million but fell below $710,000 as interest declined.
- Critics accused Portnoy of executing a rug pull, alleging around 15 pump-and-dump schemes targeting his followers.
- Portnoy defended himself, claiming transparency regarding other asset sales while pledging to hold another coin, JAILSTOOL, until it reaches a $1 billion market cap.
- He disclosed losses of approximately $600,000 and stated he returned tokens from the LIBRA meme coin after losing millions.