Dave Portnoy Nets $250K from 'Greed' Memecoin, Sparks Controversy with GREED2 Launch
Portnoy deployed the GREED token earlier this week, controlling 35% of the total supply. After selling off his holdings, the token’s price plummeted by more than 90%, falling from $0.03 to $0.003, per Dexscreener data. The sale earned Portnoy approximately $258,000, which he later claimed to have converted into another memecoin, JAILSTOOL, which he has actively promoted.
Despite the sharp price decline, Portnoy showed little remorse, doubling down on the theme of greed by launching a second token, GREED2, on Tuesday.
“Just launched GREED2,” Portnoy wrote on X. “Don’t invest in this collectible coin with more than you can afford to lose. It’ll be volatile.”
GREED2 Surges, Then Tanks
Following the announcement, GREED2's market cap skyrocketed to $28 million but quickly fell to below $750,000, according to pump.fun data.
Portnoy also attached an image of Fortune Magazine’s 2005 cover, titled “Is Greed Still Good?”, featuring Michael Douglas as Gordon Gekko, the iconic character from the 1987 film "Wall Street". Gekko, famously known for his "Greed is good" mantra, has long symbolized ruthless capitalism and unapologetic wealth pursuit.
"There are lots of people in the meme coin world who try to act like moral authorities while dumping on you for easy money," Portnoy posted. “You’re all greedy. Admit it. I won’t screw you, but the guy next to you might. This collectible token commemorates that.”
Community Backlash and Rug Pull Accusations
While Portnoy insists the GREED series is a satirical take on memecoin culture, many in the crypto community have accused him of orchestrating pump-and-dump schemes.
"Pump-and-dump schemes and fraud aren't legal just because Donald Trump launched a coin," wrote X user @ugliestduck. "Wouldn’t be surprised if Dave Portnoy faces scrutiny from the New York Attorney General."
Ties to Libra and JAILSTOOL Memecoins
The GREED saga follows Portnoy's connection to the Libra memecoin, where he reportedly lost millions before being gifted a refund by Libra team member Hayden Davis. Portnoy claimed he returned the tokens after Davis asked him to stay quiet about the refund.
Additionally, Portnoy has promoted JAILSTOOL, though he insists he did not create the token. Unlike his GREED series, he pledged not to sell JAILSTOOL until it hits a $1 billion market cap.
"Everything else I’ve said I can sell… I’ve warned people," Portnoy stated. "I don’t cash out. I’m 600K in the red. Yet people call me a scammer."