Key Notes

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.

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.

I kept hearing how meme coins were dead? I’m able to turn 2k into just about a million in 15 minutes if I felt like it. Doesn’t seem dead to me. Seems like as long as $greed exists and meme coins are legal there will be a big market for this shit. pic.twitter.com/VFo8AWNyei

— Dave Portnoy (@stoolpresidente) February 18, 2025

Shortly after Greed’s collapse, he launched another token, Greed2, retaining 26.8% of its supply. He cautioned users not to invest more than they could afford to lose. The Barstool Sports founder also pledged to maintain his position for a while or possibly indefinitely, stating:

“Just launched Greed 2. Don’t invest in this collectible coin with more than you can afford to lose. It’ll be volatile. I will not sell 1 penny till at least midnight est or maybe never. Be careful.”

Initially, hype drove Greed2’s market value above $28 million, but as interest waned, it fell below $710,000, again leaving investors with heavy losses.

Many in the crypto community are now accusing Portnoy of executing a classic rug pull, hyping up a coin, selling his holdings at peak prices, and leaving others at a loss. A crypto commentator on X Bold claimed that over the past two weeks, Portnoy has conducted approximately 15 pump-and-dump schemes targeting his followers.

Another commentator Liv argued that launching a coin, even by a high-profile figure like President Donald Trump, does not legitimize pump-and-dump schemes or fraudulent activities.

Portnoy has defended himself against scammer accusations. He maintained that the only coin he promised not to sell is JAILSTOOL, a meme coin he claims he did not create. He stated he would hold JAILSTOOL until it reached a $1 billion market cap while being transparent about selling other assets. He also disclosed losses of $600,000, stating:

“I have literally only said I will not sell 1 coin. That coin is #jailstool until it hits 1 billion market cap. Everything else I’ve said I can sell. I’ve warned people. Told em not to buy. I don’t cash out. I’m 600k ish in the red. Yet people call me a scammer. This league”

The Barstool Sports founder was recently connected to the LIBRA meme coin, with team member Hayden Davis revealing that Portnoy lost millions trading it before receiving a refund as a gift. Portnoy counters that he returned the tokens after Davis requested that the refund remain private.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor’s and master’s degrees in linguistics. When not writing, he trades forex and plays video games.

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