Dave Portnoy’s GREED Token Crashes 99% Amid Scandal

Barstool Sports founder Dave Portnoy has found himself at the center of controversy after launching and abruptly abandoning his GREED token—only to relaunch a sequel, which quickly crashed 97% from its all-time high.

🚨 This comes just two weeks after Portnoy assured investors he wouldn’t rug pull a token if he ever launched one.

Portnoy’s Meme Coin Journey: From Hype to Collapse

Initially, Portnoy built credibility in the meme coin space by making his crypto wallet public, stating that he wasn’t “trying to be shady.” This led to intense scrutiny from crypto traders who followed his every on-chain move—including his token purchases, X posts, and subsequent sell-offs.

“If I launch my own coin, put my name on it, trust me, I’m going to make sure I don’t get scammed. I’m not going to rug pull. I’m not going to dump,” Portnoy assured his audience two weeks ago.

However, that promise didn’t last long.

On Tuesday, Portnoy launched GREED, using a logo featuring Gordon Gekko—the infamous “greed is good” character from Wall Street. The token rapidly hit a $41.5 million market cap, an impressive feat in the current market conditions.

Along the way, Portnoy invested $4,200 into GREED, adding another $1,670 as the token dipped to a $20 million market cap.

🚀 At its peak, Portnoy could have cashed out over $1 million—but claimed he attempted to burn the supply instead.

GREED Crashes as Portnoy Dumps His Holdings

Despite claiming he wouldn’t dump the token, Portnoy sold his entire GREED bag in one transaction—instantly converting his holdings into JAILSTOOL, a token he had previously endorsed.

💥 GREED collapsed by 99% in just four seconds, plummeting from a $12.88 million market cap to just $123,950.

His actions triggered a flood of accusations, with traders labeling the move as a blatant “rug pull.”

Even after the collapse, Portnoy hinted at launching more tokens:

“I think I may even launch a couple coins a day, just for show. I might launch GREED2 in five seconds,” he said on X Spaces—before following through ten minutes later.

GREED2 Fails to Gain Traction

Unlike its predecessor, GREED2 struggled to maintain momentum. It peaked at a $7 million market cap before declining 90% within five hours.

Interestingly, Portnoy’s public wallet has not sold any GREED2 holdings—but his trading behavior suggests he may have feared missing out on the original GREED’s recovery.

After GREED briefly rebounded to $16.75 million, Portnoy bought back in with $12,270—only to sell again within 30 minutes, netting $14,150 in the process.

“Crime Season” in Crypto: Meme Coins and Insider Trading

Portnoy’s involvement in the meme coin space comes at a time when crypto traders are referring to the current market as “crime season”.

🚨 Since Donald Trump’s Solana meme coin launch before his inauguration, questionable crypto projects have been on the rise.

One of the biggest scandals involves Hayden Davis, the CEO of Kelsier and a key figure behind the controversial LIBRA token, which was promoted by Argentine President Javier Milei.

💰 Davis admitted to insider trading in meme coins, revealing that it’s common practice for teams to snipe their own tokens.

🔹 Portnoy himself received a $5 million refund from Davis for his LIBRA losses.
🔹 Davis also claims to have been directly involved in the Melania Trump token launch.
🔹 Blockchain analysis from Bubblemaps confirms a connection between the LIBRA and MELANIA launch teams.

Despite mounting evidence of potential fraud, prediction market Myriad (owned by Decrypt’s parent company, Dastan) estimates only a 15% chance that Davis will be arrested this week—further reinforcing the idea that in “crime season,” anything goes.

Conclusion: Will Meme Coin Scams Keep Growing?

📌 Portnoy’s meme coin experiment has led to allegations of rug pulling and insider trading.
📌 GREED collapsed by 99% in seconds, while GREED2 never gained momentum.
📌 The crypto space is seeing a surge in questionable projects, including those linked to high-profile figures like Donald Trump and Javier Milei.
📌 Despite insider trading admissions, key players like Hayden Davis remain untouched by regulators—for now.

🚀 As the meme coin frenzy continues, will regulators step in to clean up the space, or will crypto’s “crime season” only get wilder?