Barstool Sports founder Dave Portnoy faced backlash after his rapid foray into meme coins with $GREED. Shortly after launching it, Portnoy allegedly sold his entire stake in $GREED, causing a 99% price crash, and quickly followed up by announcing $GREED2.

Portnoy introduced $GREED on Tuesday evening, defining it as capturing the “extreme greed” within the meme coin space. He initially controlled over 35% of the token supply, nearly $358 million according to data from Lookonchain. He then sold all his holdings in a single transaction, reportedly earning around $258,000 from the sale.

“The meme coin world is full of people pretending to be moral, but they are just looking to dump on you for quick profits. The entire ecosystem is purely about Greed,” Portnoy posted on X, revealing his position.

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He further stated, “Go dump on each other if you want, but don’t complain to me if you lose money. You are all driven by greed. At least acknowledge it. I won’t betray you, but someone else might. This token is a memento of that reality. Only invest what you can afford to lose, and don’t whine if you do. This is the world you made.”

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GeckoTerminal data indicated that $GREED’s value peaked at over $47 million before sharply declining to approximately $3 million at the time of reporting.

Following $GREED, Portnoy announced the launch of $GREED2. He currently holds about $268 million of these tokens, representing around 27% of the total supply.

Portnoy’s Libra Token Episode

Portnoy is also under scrutiny regarding the collapse of the Libra token, initially associated with Argentine President Javier Milei.

According to Portnoy’s statements on X Space, he received $6 million in LIBRA tokens from Hayden Davis, CEO of Kelsier Ventures, for promotional activities. He later returned these tokens when asked to keep the arrangement private.

Lookonchain data suggests a wallet possibly linked to Portnoy invested over $5 million in LIBRA post-Milei’s tweet, suffered a $5.3 million loss, and subsequently received a $5 million payment from the Libra team.

Someone knew in advance that $LIBRA was going to be launched but bought too late, losing 26,577 $SOL($5.34M).

However, this guy appears to have been compensated with 5M $USDC.

1/ Let’s dive into the story on-chain. pic.twitter.com/KiHhQaQn2z

— Lookonchain (@lookonchain) February 17, 2025

Adding to the series of events, Portnoy previously mistakenly invested around $170,000 in a counterfeit LIBRA token, instead of a meme coin linked to Argentinian President Javier Milei. This error caused a price spike of over 3,000%, but due to limited liquidity, selling would have resulted in significant losses.