On February 9, Barstool Sports founder David Portnoy became embroiled in controversy for discussing recent MEME coin trades on his X account with 3.5 million followers. Portnoy initially traded a token called "Montoya por favor," whose market cap briefly soared to nearly $14 million before crashing, and is currently worth around $1 million.
On Friday, Portnoy also discussed his investment in the "Josh Allen MVP" MEME coin, which is themed around the Buffalo Bills (AR) quarterback Josh Allen. This MEME coin's market cap quickly surged to over $12 million before also crashing, and is currently worth around $58,000.
Portnoy's trades sparked strong criticism from the crypto community, with many traders accusing him of "dumping" on his 3.5 million followers, but Portnoy maintains that his actions were fully transparent.
On Friday, Portnoy responded to the criticism in a series of videos, defending his actions. Then, on Saturday, Portnoy doubled down, promoting a "JAILSTOOL" token on his X account and X voice chat room. "I may end up dumping, but I'll let you righteous losers dump on each other first," Portnoy wrote.
"So don't invest more than you can afford to lose." In the X voice chat room, Portnoy further explained: "This is not my ultimate coin, this is just for entertainment, to see what happens."
