Dave Portnoy’s GREED Coin Launch and Subsequent Price Collapse

On February 19, Dave Portnoy, the creator of the sports media platform Barstool Sports, launched the meme coin GREED on the Solana blockchain, acquiring 35.79% of the total supply for $357.9 million.

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

He subsequently sold all the tokens in a single transaction, causing the price to plummet by 90%. Analysts at Lookonchain estimated the drop at 99%, though they may have slightly erred.

Following the transaction, the price of GREED fell from $0.03 to $0.003, according to DEX Screener. Portnoy’s profit amounted to approximately $258,000.

On the same day, he launched the meme coin GREED2, acquiring 26.82% of its supply. Despite Portnoy’s warning about high volatility, the token’s market capitalization quickly rose to $28 million, only to fall below $750,000, as reported by Pump.fun.

*update.

Just launched Greed 2. Don’t invest in this collectible coin with more than you can afford to lose. It’ll be volatile. I will not sell 1 penny till at least midnight est or maybe never. Be careful.

GoL6RVGQFzTD7MdoNEHUQmNp6SgXBn6f9khxAW5Bpump https://t.co/kFuUCIgvYf

— Dave Portnoy (@stoolpresidente) February 19, 2025

Later, on his X account, he posted a 2005 Fortune Magazine cover with the headline “Is Greed Still Good?”, which is also attached to GREED2 on Pump.fun.

pic.twitter.com/vlXqFzXVrG

— Dave Portnoy (@stoolpresidente) February 18, 2025

“The meme world is full of people pretending to be moral authorities when all they want is to beat you up and make easy money. You’re all greedy. At least admit it. I won’t scam you, but the guy next to you might. GREED will immortalize this,” wrote Portnoy in one of his posts on X.

However, the entrepreneur’s actions drew criticism from the crypto community, with some users accusing him of orchestrating a Pump & Dump scheme.

https://t.co/6gocpZaVy9
pump and dump schemes and fraud aren’t legal just because donald trump launched a coin

wouldn’t be surprised if someone as influential as dave portnoy is investigated by the New York Attorney General’s office $greed #jailstool

— liv ? (@ugliestduck) February 19, 2025

Previously, Portnoy purchased a fake LIBRA for approximately $170,000, which mimicked the token mentioned by Argentine President Javier Milei. The coin had a different contract address.