On Tuesday, Dave Portnoy created the GREED token, calling it a reflection of the extreme levels of greed in the meme cryptocurrency world.
At the time, he owned more than 35% of the total token supply (nearly $358 million). Then, in a single transaction, Portnoy sold all of those crypto assets, netting about $258,000.
📢 “There are so many people in the memecoin world who act like they are the moral authority. But all they want to do is drain you and make an easy buck. The entire ecosystem is Greed and nothing else. Go peasants, crush each other, and don’t complain to me if you lose money. You are all greedy. Admit it. I won’t cheat you, but the guy next to you might. A collectible token will immortalize it. Don’t risk more than you can afford. Don’t cry if you lose. This is the world you created. Now dance for me!” Dave Portnoy wrote on social media X.
The market cap of the GREED token soared above $47 million, but after Portnoy’s actions it collapsed to $3 million. After the collapse of the memecoin, Portnoy announced the launch of a new token called GREED2.
