- Dave Portnoy launched, rugged, and relaunched a meme coin, sending prices crashing and investors fuming.
- “Crime season” in crypto is seeing a wave of insider trading, with teams secretly sniping their own tokens.
- Argentina’s LIBRA token scandal deepens, linking President Milei, Hayden Davis, and even Melania Trump’s token launch.
Barstool Sports founder Dave Portnoy just pulled off a meme coin stunt for the ages—launching a token, rugging it, relaunching a sequel, and watching it tank 97% from its all-time high. All this, just weeks after swearing he’d never rug investors if he ever made his own token.
At first, Portnoy was transparent—publicly linking his wallet and claiming he was “not trying to be shady.” Crypto traders, naturally, started tracking every on-chain move he made. Then came the GREED saga.
GREED Token Goes Boom… Then Bust
On Tuesday, Portnoy launched GREED, using Gordon Gekko’s iconic “greed is good” monologue as its theme. The token skyrocketed to a $41.5 million market cap, fueled by hype and Portnoy’s influence. He initially bought in modestly—$4,200, then another $1,670 as the price dipped.
“You know who doesn’t dump? Me,” he said on X Spaces.
JAILSTOOLBut half an hour later, Portnoy did exactly that—selling every single GREED token in one swift transaction. Estimated value? $270,000. Instead of holding, he immediately swapped into JAILSTOOL, a meme coin he had hyped earlier.
The result? GREED collapsed 99% in four seconds, leaving investors furious.
GREED2 Fails to Catch Fire
As backlash erupted, Portnoy did the most Portnoy thing possible—he immediately launched GREED2. This one didn’t fare as well. It peaked at a $7 million market cap, then crumbled 90% within hours. Interestingly, his doxxed wallet never sold any GREED2, which raised more questions than answers.
And the madness didn’t stop there. GREED suddenly rallied back, climbing to $16.75 million before dropping to $4.88 million. Feeling like he might be missing out, Portnoy bought back in with $12,270—only to sell 30 minutes later for $14,150.
“Crime Season” & Insider Trading Allegations
All of this is unfolding in what crypto traders are calling “crime season”—a period of questionable token launches since Donald Trump debuted his own Solana meme coin.
Hayden Davis, the CEO behind Argentina’s LIBRA token (which got President Javier Milei embroiled in fraud charges), recently admitted that insider trading runs rampant in meme coins. Teams often snipe their own launches, and Davis even confessed to doing it himself.
Meanwhile, Portnoy somehow got a $5 million refund for his LIBRA losses—courtesy of Davis. And as on-chain analytics firm Bubblemaps pointed out, the same launch teams were behind LIBRA and the MELANIA token—suggesting deep connections in the meme coin underworld.
Despite all this, prediction markets currently put Davis’ chance of being arrested this week at just 15%. Because in “crime season”? Anything goes.
