- Dave Portnoy, Barstool Sports founder, created a Solana memecoin $GREED and sold his share making it dump by over 99%
- Despite the controversy, Dave has launched $GREED2 and it has surged above $28 million before dumping more than 80%
Dave Portnoy launched $GREED tokens, bought about 357.92 worth of the token making up 35.79% of the supply. He later sold everything, causing the price to drop by 99%. Amid the controversies of this coin, he moved on to launch $GREED 2.
Dave Portnoy’s $GREED Sell-Off and the Aftermath
On Tuesday, the founder of Barstool Sports Dave Portnoy launched his first memecoin and he bought 357.92 million worth of $GREED which was about 35.79% of the total supply.
After a few hours, he sold all the token he held which amounted to a 99% crash of the token. This sale resulted in a profit of about $258,000. As Portnoy sold off the token, the price of the coin crashed from $0.03 to $0.003 and the trading volume went from 21.6m to 2.812m within hours.
A data reased by Gecko terminal shows that $GREED’s valuation rose to about $47 million before it crashed to around $3 million within a few minutes.
Despite the crash and controversy around $GREED, Dave announced the launch of a new token called $GREED2. He advised that followers should invest in with what they can afford to lose as. “It’ll be volatile” – he added. He currently holds around $268 million worth of these tokens, which accounts for approximately 27% of its total supply.
Although Portnoy warned investors, the value of $GREED 2 has surged past $28 million before dropping under $750,000, based on data from pump.fun.
On X, he shared an image of Fortune Magazine’s 2005 cover story, “Is Greed Still Good?” featuring Michael Douglas, who played Gordon Gekko in the 1987 film Wall Street. This image is also used in to $GREED 2 memecoin on pump.fun.
While being busy with $GREED and $GREED 2, Portnoy found time to promote $JAILSTOOL, also known as Stool Prisondente, a Solana-based meme coin that he has endorsed since early 2025.
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