Dave Portnoy Profits $258K from Solana Meme Coin GREED Before Token Collapses: Lookonchain
Barstool Sports founder Dave Portnoy is at the center of controversy after profiting nearly $258,000 from a Solana-based meme coin named Greed (GREED), which collapsed shortly after 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 Shifts $258K Profit from GREED Sell-Off into JAILSTOOL Meme Coin
Following the massive sell-off, 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.”
*update.
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.
GoL6RVGQFzTD7MdoNEHUQmNp6SgXBn6f9khxAW5Bpump https://t.co/kFuUCIgvYf
— Dave Portnoy (@stoolpresidente) February 19, 2025
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.
“You are all greedy. At least admit it. I won’t screw you but the guy next to you may,” Portnoy posted on X, underscoring the speculative and often ruthless nature of meme coin trading.
However, 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.
Portnoy Was Associated with Libra Meme Coin
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.”
Portnoy claimed he returned the tokens after Davis asked him to keep the matter quiet.
Davis later admitted the Libra team “sniped” tokens at launch, profiting off insider buys.
Portnoy has also been vocal about JAILSTOOL, stating he wouldn’t sell his holdings until the coin reaches a $1 billion market cap.
“Everything else I’ve said I can sell… I’ve warned people. I don’t cash out. I’m 600K-ish in the red. Yet people call me a scammer,” Portnoy defended.
As reported, meme coins dominated the crypto landscape in 2024, capturing nearly a third of investor interest, according to a CoinGecko report.
The study, which analyzed site traffic from January 1 to December 21, revealed that 31% of crypto-related searches centered around these highly speculative tokens.
Among the various trends, the “main meme coin narrative” alone accounted for 15% of interest, a notable increase of over six percentage points from 2023.
Source: cryptonews.com
