Dave Portnoy earns over $250,000 from Greed token pump
Dave Portnoy
Barstool Sports founder Dave Portnoy launched the Greed memecoin on the Solana blockchain but soon sold a significant portion of the tokens, causing the asset’s price to collapse. The analytics service Lookonchain highlighted the event.
Portnoy purchased Greed tokens, amounting to 35% of the total supply, and later sold his share, making approximately $258,000 in profit. He then converted his earnings into another memecoin, JAILSTOOL, which he is now actively promoting.
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Following the sell-off, Greed's price plummeted by over 90%—from $0.03 to $0.003. However, Portnoy later launched a new token, GREED2, acquiring 26.82% of its supply. Despite warnings about high volatility, the token's market capitalization initially surged to $28 million before dropping below $750,000.
On his X page, Portnoy shared the 2005 Fortune Magazine cover titled "Is Greed Still Good?", featuring Gordon Gekko—the iconic character from the 1987 film Wall Street, symbolizing greed and ruthless pursuit of wealth. In the description of GREED2, he noted that most memecoin traders are driven by greed: "I won’t screw you, but the guy next to you might."
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A classic "pump and dump"?
Critics argue that Portnoy’s memecoins are not just satirical commentary on the market but part of a calculated scam. Some X users accuse him of orchestrating a “pump and dump” scheme and speculate that the New York authorities might investigate.
Meanwhile, Portnoy continues to promote JAILSTOOL, promising not to sell until it reaches a $1 billion market capitalization. "I've warned people that I can sell other tokens. But I won’t touch JAILSTOOL. Right now, I’m down about $600,000, yet people still call me a scammer," he stated.
At the same time, Changpeng Zhao has reportedly donated around $100,000 to assist those affected by the crashes of memecoins TST, BROCCOLI, and LIBRA.
