When Dave Portnoy’s Greed Coin Went Bust: A Comedy of Errors

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In a curious twist of fate, Dave Portnoy, the illustrious founder of Barstool Sports, embarked on a whimsical venture into the world of cryptocurrency with a coin aptly named Greed. Alas, in a moment of sheer audacity, he decided to cash out all at once, sending the coin’s value plummeting by a staggering 99%. One might say it was a classic case of “buy high, sell higher, and leave everyone else in the dust.” 💸

According to the astute analysts at Lookonchain, Portnoy had the audacity to create Greed and purchase a whopping 357.92 million tokens, which constituted a rather impressive 35.79% of the total supply. As the price soared, he executed a single transaction that netted him a quick profit of $258,000. The aftermath? A catastrophic crash that left investors clutching their nearly worthless tokens, wondering if they had mistakenly invested in a potato instead of a coin. 🥔

Portnoy’s Defense: “I’m Just a Guy Who Can Turn $2,000 into a Million!”

In the face of mounting criticism, Portnoy, ever the charmer, dismissed the naysayers with a wave of his hand. He proclaimed that he could easily transform a modest investment of $2,000 into nearly a million dollars in mere minutes, should he choose to do so. “Meme coins are not dead,” he declared, as if he were the oracle of the crypto realm. “As long as Greed exists and meme coins are legally traded, there will always be a demand for this delightful nonsense.” 😏

“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.”

— Dave Portnoy (@stoolpresidente) February 18, 2025

Not one to rest on his laurels, Portnoy swiftly launched another token, Greed2, retaining a modest 26.8% of its supply. He cautioned potential investors not to invest more than they could afford to lose, as if that were a novel concept in the world of crypto. “Just launched Greed 2. Don’t invest in this collectible coin with more than you can afford to lose. It’ll be volatile,” he warned, perhaps while chuckling to himself. 😅

“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, the hype propelled Greed2’s market value above $28 million, but as interest waned, it plummeted below $710,000, leaving investors once again nursing their wounds. It seems the only thing more volatile than the market was Portnoy’s sense of responsibility. 🤷‍♂️

In the crypto community, whispers of a classic rug pull began to circulate, with many accusing Portnoy of orchestrating a grand scheme: hype a coin, sell at peak prices, and leave the rest to wallow in despair. A commentator on X Bold claimed that Portnoy had conducted approximately 15 pump-and-dump schemes targeting his unsuspecting followers. One can only imagine the collective facepalms echoing through the digital ether. 🙈

Another commentator, Liv, pointed out that even a high-profile figure like President Donald Trump launching a coin does not legitimize pump-and-dump schemes or fraudulent activities. A valid point, indeed, though one wonders if Portnoy was taking notes. 📚

In his defense against the accusations of being a scammer, Portnoy maintained that the only coin he promised not to sell was JAILSTOOL, a meme coin he claims he did not create. He vowed to hold JAILSTOOL until it reached a $1 billion market cap, while being refreshingly transparent about selling other assets. He even disclosed losses of $600,000, as if that were a badge of honor.

“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.

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2025-02-19 18:39