- Portnoy’s GREED token skyrocketed to a $40 million market cap—then crashed when he cashed out.
- After GREED2 met the identical destiny, the crypto neighborhood launched an unofficial GREED3.
- The saga stands as a harsh lesson in meme coin hype and inevitable collapses.
Dave Portnoy’s wild journey with meme cash took an inevitable nosedive when his Solana-based token, GREED, imploded simply hours after launch. Supposedly a tongue-in-cheek jab at crypto hypothesis, the coin briefly ballooned to a $40 million market cap—earlier than Portnoy cashed out completely, nuking it into oblivion.
Cue the outrage. The entire thing reeked of a textbook pump-and-dump, leaving a path of bag-holders clutching nugatory tokens. However Portnoy? Unfazed. He doubled down with GREED2, swearing up and down he wouldn’t promote this time. Traders took the bait. One other surge, one other crash. Rinse, repeat. At this level, skepticism wasn’t simply brewing—it was overflowing.
Then got here whispers of a attainable GREED3. Portnoy toyed with the thought, teasing the chaos, earlier than abruptly backing off, blaming the relentless negativity. However the crypto neighborhood, ever the chaotic pressure, took the wheel. An unofficial GREED3 launched by way of Solana’s Pump.enjoyable platform—due to course it did.
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The end result? A short $2.7 million market cap spike, then the inevitable plummet. Basic meme coin cycle. This time, although, Portnoy stayed radio silent, neither endorsing nor denouncing the rogue launch.
Now, the GREED saga lives on as a cautionary story—proof that hype can ship initiatives to the moon simply as quick because it buries them six toes beneath. For these nonetheless enjoying the sport, nicely… good luck holding the bag.