Portnoy's Meme Coin Rollercoaster: $258K Profit, 90% Crash, and GREED2 Launch

Dave Portnoy, the founder of Barstool Sports, has found himself at the center of controversy after profiting nearly $258,000 from a Solana-based meme coin named Greed (GREED), which subsequently collapsed following his substantial sell-off. According to blockchain analytics firm Lookonchain, a wallet linked to Portnoy purchased $357.9 million worth of GREED, accounting for 35% of the token’s total supply, before selling a large portion and causing the token’s value to plummet.

Data from Dexscreener shows that the price of GREED nosedived from $0.03 to $0.003, marking a drop of over 90% following Portnoy’s sales. Portnoy stated that he converted his profits into another meme coin, JAILSTOOL, which he also promotes. Undeterred by the backlash, Portnoy launched a new token, GREED2, later on Tuesday. In a post on X, he wrote: “Just launched GREED2. Don’t invest in this collectible coin with more than you can afford to lose. It’ll be volatile.”

Despite his caution, GREED2’s market capitalization initially surged above $28 million but quickly dropped below $750,000, according to pump.fun data. Portnoy has also attached Fortune Magazine’s 2005 cover titled “Is Greed Still Good?” featuring actor Michael Douglas as Gordon Gekko from the movie Wall Street—a character synonymous with unchecked greed—to the GREED2 token page.

The crypto community remains divided over Portnoy’s actions. Some accuse him of orchestrating a classic pump-and-dump scheme, where a token’s price is artificially inflated before insiders sell off for profit, leaving other investors with losses. “Pump and dump schemes and fraud aren’t legal just because Donald Trump launched a coin,” noted X user @ugliestduck, adding that Portnoy’s influence could attract regulatory scrutiny.

This isn’t the first time Portnoy has been linked to controversial meme coin activities. Earlier this week, he was associated with the Libra meme coin. According to Libra team member Hayden Davis, Portnoy reportedly lost millions trading Libra, only to be refunded by Davis as a “gift.” Port