- Dave Portnoy launched $GREED as a “social experiment”, luring traders in before the token collapsed 99% in under an hour.
- Despite warning traders about the memecoin trap, Portnoy taunted them on Twitter, then dumped his holdings into another coin, $JAILSTOOL.
- The fiasco exposed the reckless greed of traders, proving once again that blindly chasing hype in the memecoin market rarely ends well.
Dave Portnoy just turned the Solana memecoin space into his personal casino, and traders are feeling the burn. What started as a viral rally turned into total mayhem after Portnoy launched $GREED—an experiment in human nature that ended in financial bloodshed. Let us break down the madness that unfolded.
From “I Won’t Launch a Coin” to Dropping $GREED
At first, Portnoy claimed he had no intention of launching a memecoin. He criticized the space, calling it an “extraction” game where traders dump on each other. But then, in a complete 180, he introduced $GREED—framing it as a joke, a social experiment, and a reflection of the memecoin world’s true nature.
Despite his warnings, traders rushed in. Within minutes, $GREED exploded to a $35M market cap, with degens scrambling to ride the hype. But the illusion shattered fast—just an hour later, the token crashed 99%, wiping out millions.
Portnoy Plays Puppet Master
Through it all, Portnoy sat on Twitter, taunting traders and flexing his influence. He bragged about being able to cash out millions but insisted he was “holding.” He called traders “lazy” and demanded they “dance” for him. Then, in a final twist, he dumped his entire $GREED stack into $JAILSTOOL, which he has stated is the only coin he would not sell until it hits a billion-dollar market cap.
Final Thoughts
In conclusion, Portnoy may be the ringleader, but the traders willingly played the fool. He outright stated that $GREED was created for people to “dump on each other,” yet thousands still rushed in, convinced they could outsmart the inevitable collapse.
This was not just a case of one man manipulating the market—it was a display of collective greed, reckless gambling, and blind trust in an influencer with no obligation to protect anyone’s money. The cycle will repeat, the next coin will come, and once again, people will line up to be scammed by their own stupidity.
