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 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 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.
“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 the crash, 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.
While being busy with $GREED and $GREED2, Portnoy found time to promote $JAILSTOOL, also known as Stool Prisondente, a Solana-based meme coin that he has endorsed since early 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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