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On February 19, 2025, Dave Portnoy, the founder of Barstool Sports, launched a meme coin named GREED on the Solana blockchain. In a shocking move, he purchased 35.79% of the total supply for $357.9 million and then sold all of it in a single transaction, leading to a staggering 99% drop in its price.
Key Takeaways
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Dave Portnoy launched the GREED meme coin and bought a significant portion of it.
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The price of GREED plummeted by 99% after he sold all his tokens.
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Portnoy quickly followed up with the launch of GREED2, which also faced volatility.
The Launch of GREED Coin
On the day of its launch, Portnoy made headlines by acquiring a massive stake in GREED. His initial investment of $357.9 million allowed him to control 35.79% of the total supply. However, the excitement was short-lived as he sold all his tokens in one swift transaction, causing the price to crash from $0.03 to $0.003.
Portnoy's quick sell-off resulted in a profit of approximately $258,000. Analysts from Lookonchain reported that the depth of the price drop was around 99%, although some estimates varied slightly. The rapid decline in value raised eyebrows and led to accusations of market manipulation.
The Introduction of GREED2
Not one to back down, Portnoy launched GREED2 on the same day, purchasing 26.82% of its supply. Despite his warnings about the coin's volatility, GREED2's market cap initially surged to $28 million before plummeting below $750,000 shortly after.
He later posted a 2005 Fortune Magazine cover on his X account with the headline "Is Greed Still Good?", which is also pinned to GREED2 on Pump.fun.
Community Reaction and Criticism
Portnoy's actions sparked significant backlash within the cryptocurrency community. Many users accused him of orchestrating a classic Pump and Dump scheme, where the price of a coin is artificially inflated before being sold off, leaving other investors with worthless tokens. Critics pointed out that such schemes are illegal, and there are concerns that Portnoy could face scrutiny from regulatory bodies.
Conclusion
The launch of GREED and its subsequent crash has reignited discussions about the ethics of meme coins and the responsibilities of influential figures in the cryptocurrency space. As the market continues to evolve, the actions of individuals like Portnoy will likely remain a focal point for both investors and regulators alike.