Public figures are increasingly driving meme coin speculation, with Donald Trump, Javier Milei, and Elon Musk fueling market frenzies in recent months, to name a few.
Barstool Sports founder Dave Portnoy is the latest to make headlines, profiting $258,000 from the Solana (SOL) based meme coin GREED, only to dump his entire stake in a single transaction, causing a 99% price crash and leaving investors reeling.
Portnoy’s quick flip: From hype to collapse
According to blockchain analytics firm Lookonchain, a wallet linked to Portnoy accumulated 357.92 million GREED, representing 35.79% of the total supply.
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As excitement around the token grew, Portnoy offloaded his holdings in one move, sending GREED’s price tumbling from $0.038 to $0.002— a 94.74% drop, according to Dexscreener data.
While Portnoy secured a six-figure gain, the rapid decline wiped out millions in market value, with retail investors left holding the losses.
Among the hardest hit was a trader who reportedly lost $101,000 in just three hours following Portnoy’s exit, according to Lookonchain.
A new token amid growing skepticism
Shortly after, Portnoy introduced a new token, GREED2, while acknowledging its volatility.
Blockchain data shows Portnoy currently holds 268.25 million GREED2 tokens, representing 26.8% of the total supply. The token initially surged to a $28 million market cap, only to crash to $720,734, according to pump.fun.
Many in the crypto community viewed the move as yet another potential ‘rug pull’ in the making, raising concerns over Portnoy’s continued involvement in meme coin speculation.
Earlier this week, Portnoy was also linked to the Libra memecoin, where he reportedly lost over $5 million.
That being said, the GREED collapse serves as yet another reminder of the risks tied to meme coins, which continue to attract speculative traders despite lacking real-world utility.
With high volatility, liquidity concerns, and the constant threat of rug pulls, meme coins remain one of the most unpredictable niches in the crypto market.
Featured image via Shutterstock
