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Dave Portnoy Dumps $GREED, Launches $GREED2 Amid Backlash

Dave Portnoy Dumps $GREED, Launches $GREED2 Amid Backlash

CryptotaleCryptotale2025/02/19 01:30
By:Vignesh Karunanidhi
Dave Portnoy Dumps $GREED, Launches $GREED2 Amid Backlash image 0
  • Dave Portnoy dumped $GREED tokens, crashing its price by 99% while making $258K.
  • Investors lost thousands after the dip and Portnoy quickly launched a new token, $GREED2.
  • Portnoy stated that tokens will not be sold till midnight EST, citing potential volatility.

Dave Portnoy’s recent cryptocurrency activities have sparked controversy following a series of token launches and selloffs. The Barstool Sports founder’s handling of the $GREED token particularly drew attention after a single transaction dramatically impacted its market value.

Dave Portnoy's sell-off caused this guy to lose $101K on $Greed in 3 hours!

This guy spent 911 $SOL($153K) to buy $Greed, and sold it for 309 $SOL($52K), losing 602 $SOL($101K)!https://t.co/8MF5VBrbTH pic.twitter.com/8vryVWuyKu

— Lookonchain (@lookonchain) February 19, 2025

On-chain analysis from Lookonchain revealed Portnoy sold his entire holding of 357.92 million $GREED tokens, representing 35.79% of the total supply, in one transaction. This mass selloff caused the token’s price to plummet by 99%, while Portnoy netted approximately $258,000 from the move.

The impact on other traders was severe. One investor lost $101,000 in just three hours, having spent 911 SOL ($153,000) to acquire $GREED tokens before selling them for 309 SOL ($52,000) after the price crash. This case shows the risks of concentrated token ownership and sudden sell-offs in the cryptocurrency market.

Following the $GREED incident, Portnoy quickly launched $GREED2, where he currently holds 268.25 million tokens (26.8% of total supply). In response to criticism, he announced on social media that he would not sell any tokens until midnight EST, though he cautioned investors about potential volatility.

*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

Portnoy has also defended his approach to another token, #jailstool, stating he has invested approximately $500,000 and committed up to $1 million more if certain thresholds are met. He emphasized passing up potential profits of $6 million by holding his position, setting a personal selling threshold at a $1 billion market capitalization.

Related: LIBRA Launch Impact: Solana Drops 9%, Bitcoin Fears Grow

The pattern of behavior has raised questions about the responsibility of high-profile figures in the cryptocurrency space. While Portnoy includes disclaimers calling his tokens “collectible” and warning investors not to risk more than they can afford to lose, the quick succession of launches and price movements has drawn criticism from market observers. This launch follows the recent launch and controversy around the LIBRA coin.

These events took on additional context following revelations from Hayden Davis about his involvement in the $LIBRA token launch. During their conversation, Davis explained the $LIBRA launch strategy which involved a coordinated three-phase plan incorporating President Milei’s endorsement and support from other influential figures.  

The post Dave Portnoy Dumps $GREED, Launches $GREED2 Amid Backlash appeared first on Cryptotale.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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