Pump, Dump, Repeat? Portnoy’s $GREED Exit Sparks Controversy

Pump, Dump, Repeat? Portnoy’s $GREED Exit Sparks Controversy

Barstool Sports founder Dave Portnoy has once again found himself at the center of controversy after his rapid involvement with the meme coin $GREED. Mere hours after launching the token, Portnoy sold his entire stake, causing its value to plummet by 99%, only to introduce a new token, $GREED2, shortly thereafter.

Portnoy unveiled $GREED on Tuesday evening, describing it as a satirical take on the rampant greed in the meme coin space. At launch, he controlled over 35% of the total supply, valued at nearly $358 million, according to blockchain analytics firm Lookonchain. However, in a single transaction, Portnoy liquidated his entire position, walking away with approximately $258,000.

Addressing the backlash, Portnoy defended his actions on X (formerly Twitter), stating:

“There are lots of people in the meme coin world who try to act like they are the moral authority when all they want to do is dump on you and make easy money. The entire ecosystem is greed and nothing else.”

He added:

“Go dump on each other, peasants, but don’t complain to me if you lose money. You are all greedy. At least admit it. I won’t screw you, but the guy next to you may. This collectible token commemorates that. Don’t risk more than you can afford. Don’t cry if you do lose. This is your world—you created it.”

According to GeckoTerminal, $GREED briefly soared past $47 million in market value before its dramatic collapse to just $3 million at press time.

Undeterred by the fallout, Portnoy swiftly introduced $GREED2, where he currently holds a 27% stake worth approximately $268 million.

Meanwhile, amidst the chaos surrounding $GREED and $GREED2, Portnoy has also been actively promoting $JAILSTOOL, a Solana-based meme coin—also known as Stool Prisondente—which he has been endorsing since early 2025.

This latest controversy follows another recent blunder in which Portnoy mistakenly invested nearly $170,000 in a fake LIBRA token, believing it to be linked to Argentinian President Javier Milei. His misstep inadvertently caused the fraudulent token’s price to surge by over 3,000%, though low liquidity meant any attempt to cash out would have resulted in significant losses.

As Portnoy continues to navigate the volatile world of meme coins, his actions have once again ignited debate over the ethics—and risks—of the crypto market’s wild west.