$GREED is Good for David Portnoy, Not for Other Crypto Investors

• David Portnoy launched a memecoin that quickly plunged
• One trader is said to have lost $100K on $GREED

Barstool Sports founder David Portnoy is at the center of a memecoin controversy in which he profited mightily while ordinary investors were left holding a worthless bag.

Portnoy created the $GREED memecoin on the Solana blockchain on Wednesday night and bought 357.92 million tokens, or 35.79% of the total supply. Soon after hyping the cryptocurrency on X, potentially playing a role in encouraging other investors to buy $GREED, he sold his entire stake, wiping out 99% of the coin’s market value in the process.

In a quintessential example of a rug pull, Portnoy profited to the tune of $258K, according to Lookonchain data, while other buyers were left with a worthless asset. There’s at least one example of a trader suffering a six-figure loss on $GREED.

On February 19th, as per the monitoring of LookIntoChain, a trader suffered a loss of over $100,000 within a 3-hour period due to the Rug Greed token from the Barstool founder,” notes Lookonchain. “They used 911 SOL tokens ($153,000) to purchase Greed but sold it for 309 SOL tokens ($52,000), resulting in a loss of 602 SOL tokens ($101,000).”

Portnoy’s dalliances with short-term trading date back to the early days of the COVID-19 pandemic when he became an active day trader as markets dealt with headlines born out of the global health crisis. He even formed Davey Day Trader Global (DDTG) – a fictional trading firm used on social media to highlight his trading exploits.

Some Feel Betrayed by Portnoy’s $GREED Move

Portnoy has a massive social media following and Barstool Sports is popular with the demographics that are also dedicated sports bettors and crypto traders.

“If I launch my own coin, put my name on it. Trust me, I’m going to make sure I don’t get (expletive) scammed, I’m not going to rug pull, I’m not going to dump. I’m not going to do any of that (expletive),” Portnoy said.

In what could be viewed as a proclamation or a warning, Portnoy said on X Spaces last night that he intends to remain engaged in the memecoin landscape.

“I’m not going anywhere, I think like this space,” he said. “I think I may even launch a couple coins a day, just for show.”

Memecoins Intertwined with Sports Betting Personalities

Portnoy is well-known in sports wagering circles due to his proclivity for big bets and Barstool’s previous status as a unit of Penn Entertainment. The company is now independent and has a marketing relationship with DraftKings.

Last October, former DraftKings sports betting personality Taylor Mathis pumped a memecoin bearing her first name, which subsequently cratered and may have played a role in her departure from the gaming company.