Barstool Sports founder Dave Portnoy launched GREED memecoin on the Solana blockchain on Feb.19. Shortly after its release, blockchain analytics firm Lookonchain reported that Portnoy purchased $357.9 million worth of the token. His purchase gave him control over 35% of the total supply.
However, Portnoy soon sold his holdings, making a profit of nearly $258,000. His sudden exit caused the token’s price to plummet from $0.03 to $0.003, a drop of over 90%.
Portnoy later said that he moved his profits into another memecoin called JAILSTOOL, which he actively promotes.
A Second Attempt with GREED2 Memecoin
Despite the collapse of the first token, Portnoy launched another version called GREED2. He announced the new memecoin on X and warned investors about its risks.
Following its launch, GREED2’s market capitalization quickly soared past $28 million. However, just like its predecessor, its value soon collapsed, falling below $750,000.
Portnoy linked his memecoin to a well-known image from Fortune magazine’s 2005 cover, which featured actor Michael Douglas as Gordon Gekko, the infamous Wall Street character known for his ruthless pursuit of wealth.
In a post on X, Portnoy defended his actions, saying that the crypto world is full of people who pretend to be morally superior but ultimately take advantage of investors.
Many in the crypto community were quick to criticize Portnoy’s involvement in memecoins. Some accused him of engaging in a classic pump-and-dump scheme, where a token’s value is artificially inflated before being sold off for profit.
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Portnoy’s Connection to Libra and Other Tokens
Dave Portnoy’s name has also been linked to the Libra memecoin. Earlier this week, Hayden Davis, a team member of Libra, claimed that Portnoy lost millions trading the token. Davis later refunded him as a gift, but Portnoy said he returned the refund after being asked to keep the gift quiet.
Davis admitted that the Libra team took advantage of the launch by acquiring tokens early and profiting from them.
Portnoy has also promoted the memecoin JAILSTOOL but claims he did not create it. Unlike GREED and GREED2, he stated that he would not sell JAILSTOOL until it reaches a market capitalization of $1 billion.
