Key Takeaways
- Dave Portnoy’s sale of $358 million $GREED tokens led to a 99% price drop.
- Portnoy launched $GREED2 after the controversy surrounding the $GREED token crash.
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Dave Portnoy, the founder of Barstool Sports, has drawn criticism after his rapid-fire involvement with the meme coin $GREED. Just hours after launching the token, Portnoy allegedly sold his entire stake, crashed the price by 99%, and then promptly introduced $GREED2.
Portnoy created $GREED on Tuesday evening, describing it as a reflection of the “extreme greed” of the meme coin world. At the time, he held over 35% of the token supply, equivalent to almost $358 million, according to data tracked by Lookonchain. Portnoy then liquidated all his holdings in one single transaction. The sale netted him approximately $258,000.
“There are lots of people in the meme coin world who try to act like they are the moral authority when all they want to do is dump on you and make easy money. The entire ecosystem is Greed and nothing else,” Portnoy wrote on X upon showing his position.
“Go dump on each other peasants but don’t complain to me if you lose money. You are all greedy. At least admit it,” he added. “I won’t screw you but the guy next to you may. This collectible token commemorates that. Don’t risk more than you can afford. Don’t cry if you do lose. This is your world you created.”
GeckoTerminal data shows $GREED’s valuation surged past $47 million before a swift crash to around $3 million at press time.
After $GREED, Portnoy announced the launch of a new token called $GREED2. He currently holds around $268 million worth of these tokens, which accounts for approximately 27% of its total supply.
Portnoy’s involvement with the Libra token
Portnoy has been in the spotlight following the collapse of the Libra token, which was initially backed by Argentine President Javier Milei.
According to Portnoy’s statements on X Space, he received $6 million in LIBRA tokens from Kelsier Ventures CEO Hayden Davis for promotional purposes. He later returned the tokens after being asked not to disclose the arrangement.
Lookonchain data reveals a wallet possibly linked to Portnoy invested over $5 million in LIBRA after Milei’s tweet, lost $5.3 million, and then received a $5 million payment from the Libra team.
Someone knew in advance that $LIBRA was going to be launched but bought too late, losing 26,577 $SOL($5.34M).
However, this guy appears to have been compensated with 5M $USDC.
1/ Let’s dive into the story on-chain. pic.twitter.com/KiHhQaQn2z
— Lookonchain (@lookonchain) February 17, 2025
The controversy follows another recent incident where Portnoy mistakenly invested nearly $170,000 in a fake LIBRA token instead of a meme coin associated with Argentinian President Javier Milei. That error caused the token’s price to surge over 3,000%, though the low liquidity meant selling would result in major losses.
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