Odaily News Dave Portnoy, founder of Barstool Sports, said that the reason why he did not launch a Barstool-branded memecoin was because he was worried that his fans would lose all their money. He called memecoin a legalized Ponzi scheme that has no value and must be entered and exited before the collapse.
Although he refused to launch the Barstool meme coin, he issued GREED in February this year, with a market value of $41.5 million at one point. Lookonchain data shows that Portnoy purchased 358 million GREED, accounting for 35.79% of the total supply, and then sold all of them in one transaction, causing the price to plummet, making a profit of about $258,000. He responded on X that he had warned that he might sell. (CoinDesk)