According to ChainCatcher, citing CoinDesk, Barstool Sports founder Dave Portnoy stated that he did not launch a Barstool-branded meme coin because he was worried about fans losing all their money. He described meme coins as a legalized Ponzi scheme with no value, emphasizing the need to enter and exit before the collapse.
Although he refused to launch a Barstool meme coin, he issued GREED in February this year, with its market value once reaching $41.5 million. Lookonchain data shows that Portnoy bought 358 million GREED tokens, accounting for 35.79% of the total supply, and later sold all of them in a single transaction, causing a price crash and earning around $258,000. He responded on X, saying he had previously warned about the potential sale.
