Dave Portnoy claims he collects memecoins “as a hobby,” regardless that he’s earned at the least $70,000 and promoted 5 tokens which have declined at the least 97%.
Portnoy began his profession masking sports activities and pizza outlets, then began daytrading to maintain his playing viewers entertained throughout the COVID-19 sports activities shutdown.
These days, he’s a proudly degenerate crypto promoter who has pumped and issued memecoins and even lists them in his X bio.
For instance, he promoted MONTOYA at 1:38pm New York time at a market cap of $2.75 million, and it hit $9.95 million inside two minutes.
The Solana-based token, named after a participant in a Spanish TV present Love Island, has declined 99.7% to underneath $25,000 as of publication time.
Portnoy’s authentic memecoin was Stool Prisondente, ticker image JAILSTOOL. Anyone purposefully misspelled his X username, StoolPresidente, as a joke to taunt the Securities and Trade Fee (SEC) and the Commodity Futures Buying and selling Fee.
Traditionally, these regulators enforced towards sure types of pump-and-dump schemes. Defiant, Portnoy discovered the title amusing sufficient to purchase and pump it on social media.
His flagship token was value $217 million on February 9, 2025. Right now, JAILSTOOL has declined 97% to underneath $7 million.
Extra Dave Portnoy memecoins down 99%
Portnoy additionally promoted GREED and GREED2. GREED has declined 99.9% from its $37 million excessive to underneath $50,000 in the present day. Equally, GREED2 has plummeted 99.5% from $5.8 million to underneath $25,000.
The Barstool Sports activities supremo additionally promoted KOLHAT, which has dropped 99.8% from $3 million to underneath $10,000. One other of his memecoins, LIBRADICK, has shed 99.8%, dropping from $14 million to underneath $25,000.
It doesn’t take a lot analysis to identify a pattern within the long-term efficiency of Portnoy’s favored tokens.
Certainly, final week, famend crypto sleuth ZachXBT reminded Portnoy’s followers that 5 of his cash have crashed by over 99%.
For promoters like Portnoy, it’s not arduous to generate income when pre-buying and selling tokens that rapidly pump after which dump 97-99%.
Not solely does he get away with taunting the SEC and selling a number of memecoins that are actually practically nugatory, he even will get refunds for errors.
For instance, he purchased a pretend model of Argentinian President Javier Milei’s LIBRA token. Though he misplaced $5 million on the commerce, the LIBRA staff refunded him for his loss.
