David Portnoy Doubles Down on Meme Token Drive

David Portnoy launched GREED, another high-risk meme token, shortly after causing significant losses with the Jailstool token and promoting the failed LIBRA.

This time, Portnoy executed a blatant rug pull, buying up 35.79% of GREED’s supply and selling it all in a single transaction, causing the price to crash by 99%. Despite the losses incurred by traders, GREED found popularity, amassing 19,982 holders. However, top traders managed to secure gains up to $435.3K before the crash.

While Portnoy profited from LIBRA, receiving $5M in compensation, questions arose about his relationship with Kraken, the exchange listing high-risk tokens.

David Portnoy Versus the Meme Community

Portnoy’s influence drew investors to Jailstool and LIBRA, inciting calls from some traders to drive those tokens’ value to zero. Following the GREED launch, he also introduced Greed2, which soared and fell quickly, leading to significant gains for some early traders.

Portnoy emphasized that he wouldn’t sell Jailstool until it reached a $1B market cap, only to later crash the market after securing profits. His repeated launches from established wallets raised suspicions of deliberate scams, despite disclaimers about meme tokens.

Despite new tokens appearing at a time when Solana was on a bullish surge, the crypto community became more skeptical, especially regarding influencer-sanctioned launches, leading to deeper trader losses. Portnoy’s actions have spurred many calls for him to exit the meme token space entirely.