Dave Portnoy's GREED Token Soars to $30M, Plummets 90% After He Sells Within an Hour

Amid ongoing controversy involving cryptocurrencies, Barstool Sports founder Dave Portnoy launched his own memecoin called GREED, in which he owned over 35% of the total supply. The token quickly soared to a market capitalization of $30 million following its launch.

Despite initially stating he would not sell his holdings "anytime soon," Portnoy sold his position within an hour, causing the token's value to plummet over 90%, dropping under $3 million. The rapid sale led to significant losses for investors and accusations of "rug pulling."

In response to criticism, Portnoy introduced a second token, GREED2, which briefly surged before experiencing a similar decline. During the initial launch of GREED, an unidentified trader reportedly turned $16 into $435,000 within 12 minutes.

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