Dave Portnoy Dumps $Greed at $47M Market Cap, Then Launches $Greed2

Another day, another crypto rugpull.  Dave Portnoy, an American businessman and the founder of Barstool Sports, sparked controversy in the crypto community after dumping one memecoin and launching another shortly after.

In a recent X post, on-chain analyst Lookonchain alerted the crypto community that Dave Portnoy launched $Greed, a Solana-based memecoin, on Tuesday and bought 357.92 million tokens, representing 36% of the total supply.

Dave Portnoy(@stoolpresidente) created $Greed and bought 357.92M $Greed (35.79% of the total supply).

He sold all $357.92M $Greed in a single transaction, causing the price of $Greed to crash by 99%.

And he made ~$258K from $Greed.

Next, Dave Portnoy created $Greed2 and… pic.twitter.com/ItfjJVQOkK

— Lookonchain (@lookonchain) February 19, 2025

Portnoy Crashes $Greed by 99%

He then dumped all his tokens in a single transaction shortly after, causing the price to plummet by 99%. According to Lookonchain, this move netted Portnoy approximately $258,000, while the market cap of $Greed surged to $47 million before crashing to around $3 million. That’s not all.

Following the dramatic fall of $Greed, Portnoy quickly introduced another memecoin dubbed “$Greed2.” On-chain data shows that he currently holds 268.25 million units of this token, worth roughly 27% of its supply.

Portnoy’s Involvement with $LIBRA

The latest incident has drawn criticism from market participants, especially given Portnoy’s previous involvement with the $LIBRA, a scam memecoin that Argentine President Javier Milei initially supported.

Portnoy was set to advise for $LIBRA and received 6 million tokens for promotion, which he returned upon learning of confidentiality demands. He invested over $5 million at the token’s launch and suffered a loss of about $5.3 million. However, he was later refunded $5 million, sparking concerns about potential insider dealings.

Additionally, Portnoy inadvertently invested $170,000 in a counterfeit $LIBRA token, complicating his role further.

Portnoy has described $Greed as a commentary on the “extreme greed” in the memecoin market, reflecting his critical view on the ecosystem’s speculative nature.

“There are lots of people in the meme coin world who try to act like they are the moral authority when all they want to do is dump on you and make easy money. The entire ecosystem is Greed and nothing else. Go dump on each other peasants but don’t complain to me if you lose money,” he wrote on X.

At press time, $Greed had a market cap of $3.05 million, while $Greed2 had a market cap of $668,520.