Dave Portnoy cashed $258K from GREED memecoin, crashed its price, launched GREED2, and mocked investors while warning about meme coin scams.
Dave Portnoy, the popular entrepreneur and social media personality, just made a massive $258K by flipping 357.92 million GREED tokens—his own memecoin. Portnoy bought up 35.79% of the token supply and dumped it all in a single transaction, causing the GREED price to crash by 99% in a matter of minutes. Total chaos, right?
But he didn’t stop there. Portnoy quickly launched GREED2, buying 26.8% of the total supply. On-chain platform Lookonchain flagged it as a potential scam, warning users to stay safe and keep their funds away.
Portnoy had some harsh words for the memecoin community, calling it all about “greed”. After reportedly losing over $5 million in a LIBRA token scam, he didn’t hold back. “The entire ecosystem is Greed and nothing else,” he said. He also gave a brutal warning to investors, advising them not to risk what they can’t afford to lose and mocking them by saying, “Now dance for me!!!”
With the LIBRA token scandal still fresh and more scams popping up, GREED just added another chapter to the memecoin drama.
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