Dave Portnoy Sparks Outrage with $GREED Crash and $GREED2 Launch

• Dave Portnoy launched $GREED, holding over 35% of its supply, before selling it and causing a 99% crash.
• He recently launched $GREED2, holding about 27% of its supply.

Dave Portnoy, the founder of Barstool Sports, is facing backlash after his involvement with the memecoin $GREED. Just hours after launching the token, he sold his entire stake, causing a 99% crash in its value. He then introduced a new token, $GREED2.

Portnoy launched $GREED on Tuesday, calling it a reflection of the “extreme greed” in memecoins. He initially held over 35% of the supply, worth nearly $358 million. On-chain data from Lookonchain shows he sold all his holdings in one transaction, netting about $258,000.

Following the sale, Portnoy posted on X, stating that the memecoin space is driven by greed. He told investors not to complain if they lost money. His comments sparked criticism, with some accusing him of orchestrating a pump-and-dump scheme.

GREED’s market cap surged past $47 million before crashing to around $3 million, according to GeckoTerminal. Hours later, Portnoy announced $GREED2. He currently holds around 27% of its total supply, valued at approximately $268 million.

Portnoy’s LIBRA Controversy and Memecoin Ventures

Portnoy’s crypto activities extend beyond $GREED. He was recently linked to the collapse of the LIBRA token, initially backed by Argentine President Javier Milei. Lookonchain data suggests a wallet associated with Portnoy invested over $5 million in LIBRA. The investment resulted in a $5.3 million loss, but he later received a $5 million payment from the Libra team.

According to Portnoy, Kelsier Ventures CEO Hayden Davis gave him $6 million in LIBRA tokens for promotional purposes. However, Portnoy returned the tokens after being asked not to disclose the arrangement. He also mistakenly invested $170,000 in a fake LIBRA token, which surged over 3,000% due to low liquidity.

Despite the controversy, Portnoy remains active in memecoin trading. He recently promoted JAILSTOOL, another token he claims not to have created. Unlike his previous memecoins, he insists he will not sell JAILSTOOL until its market cap reaches $1 billion.

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