{"id":21312,"date":"2025-02-19T17:34:45","date_gmt":"2025-02-19T15:34:45","guid":{"rendered":"https:\/\/forklog.com\/en\/dave-portnoys-greed-coin-launch-and-subsequent-price-collapse\/"},"modified":"2025-02-19T17:34:45","modified_gmt":"2025-02-19T15:34:45","slug":"dave-portnoys-greed-coin-launch-and-subsequent-price-collapse","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/dave-portnoys-greed-coin-launch-and-subsequent-price-collapse\/","title":{"rendered":"Dave Portnoy&#8217;s GREED Coin Launch and Subsequent Price Collapse"},"content":{"rendered":"<p>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 $357.9 million.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Dave Portnoy(<a href=\"https:\/\/twitter.com\/stoolpresidente?ref_src=twsrc%5Etfw\">@stoolpresidente<\/a>) created <a href=\"https:\/\/twitter.com\/search?q=%24Greed&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$Greed<\/a> and bought 357.92M <a href=\"https:\/\/twitter.com\/search?q=%24Greed&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$Greed<\/a> (35.79% of the total supply). <\/p>\n<p>He sold all $357.92M <a href=\"https:\/\/twitter.com\/search?q=%24Greed&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$Greed<\/a> in a single transaction, causing the price of <a href=\"https:\/\/twitter.com\/search?q=%24Greed&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$Greed<\/a> to crash by 99%.<\/p>\n<p>And he made ~$258K from <a href=\"https:\/\/twitter.com\/search?q=%24Greed&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$Greed<\/a>.<\/p>\n<p>Next, Dave Portnoy created $Greed2 and\u2026 <a href=\"https:\/\/t.co\/ItfjJVQOkK\">pic.twitter.com\/ItfjJVQOkK<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1892048208618193014?ref_src=twsrc%5Etfw\">February 19, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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.<\/p>\n<p>Following the transaction, the price of GREED fell from $0.03 to $0.003, according to <a href=\"https:\/\/dexscreener.com\/solana\/7syjfqd8k62jhpfql3axvxywlvaqhqaokfbazj9uccp8\">DEX Screener<\/a>. Portnoy&#8217;s profit amounted to approximately $258,000.<\/p>\n<p>On the same day, he launched the meme coin GREED2, acquiring 26.82% of its supply. Despite Portnoy&#8217;s warning about high volatility, the token&#8217;s market capitalization quickly rose to $28 million, only to fall below $750,000, as reported by <a href=\"https:\/\/pump.fun\/coin\/GoL6RVGQFzTD7MdoNEHUQmNp6SgXBn6f9khxAW5Bpump\">Pump.fun<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">*update. <\/p>\n<p>Just launched Greed 2. Don\u2019t invest in this collectible coin with more than you can afford to lose. It\u2019ll be volatile. I will not sell 1 penny till at least midnight est or maybe never. Be careful. <\/p>\n<p>GoL6RVGQFzTD7MdoNEHUQmNp6SgXBn6f9khxAW5Bpump <a href=\"https:\/\/t.co\/kFuUCIgvYf\">https:\/\/t.co\/kFuUCIgvYf<\/a><\/p>\n<p>\u2014 Dave Portnoy (@stoolpresidente) <a href=\"https:\/\/twitter.com\/stoolpresidente\/status\/1892006539138912465?ref_src=twsrc%5Etfw\">February 19, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Later, on his X account, he posted a 2005 Fortune Magazine cover with the headline &#8220;Is Greed Still Good?&#8221;, which is also attached to GREED2 on Pump.fun.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"zxx\" dir=\"ltr\"><a href=\"https:\/\/t.co\/vlXqFzXVrG\">pic.twitter.com\/vlXqFzXVrG<\/a><\/p>\n<p>\u2014 Dave Portnoy (@stoolpresidente) <a href=\"https:\/\/twitter.com\/stoolpresidente\/status\/1891963172807950590?ref_src=twsrc%5Etfw\">February 18, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;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\u2019re all greedy. At least admit it. I won\u2019t scam you, but the guy next to you might. GREED will immortalize this,&#8221; <a href=\"https:\/\/x.com\/stoolpresidente\/status\/1891960652853330331\">wrote<\/a> Portnoy in one of his posts on X.<\/p>\n<\/blockquote>\n<p>However, the entrepreneur&#8217;s actions drew criticism from the crypto community, with some users accusing him of orchestrating a Pump &#038; Dump scheme.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/t.co\/6gocpZaVy9\">https:\/\/t.co\/6gocpZaVy9<\/a><br \/>pump and dump schemes and fraud aren&#8217;t legal just because donald trump launched a coin<\/p>\n<p>wouldn&#8217;t be surprised if someone as influential as dave portnoy is investigated by the New York Attorney General&#8217;s office <a href=\"https:\/\/twitter.com\/search?q=%24greed&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$greed<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/jailstool?src=hash&#038;ref_src=twsrc%5Etfw\">#jailstool<\/a><\/p>\n<p>\u2014 liv ? (@ugliestduck) <a href=\"https:\/\/twitter.com\/ugliestduck\/status\/1892042236927385862?ref_src=twsrc%5Etfw\">February 19, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1161,1246],"class_list":["post-21312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-memes","tag-scammers"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/21312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=21312"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/21312\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/21311"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=21312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=21312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=21312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}