In this article:Influence David Portnoy launched two new tokens in the last day, one of which he sold.
Despite warnings about the risks, the crypto community has become increasingly skeptical, accusing Portnoy of scamming traders
the #meme space is slowing down, and the involvement of professional pump teams has traders increasingly worried.
David Portnoy doubled down on his tokenization efforts by launching the high-risk GREED meme. Portnoy disrupted much of the supply early on, and traders subsequently suffered heavy losses.
David Portnoy launched another high-risk meme #token , GREED. The launch comes just days after Portnoy suffered heavy losses on the Jailstool token and then launched LIBRA, a failed token allegedly backed by Argentina.
this time, Portnoy made an even more unsuccessful breakthrough. He bought 35.79% of the public offering and then sold all the tokens in one transaction, causing the price to drop 99%. This move by GREED could have been a test of the market or a demonstration of the risks associated with meme tokens. However, Portnoy has again caused significant losses for some traders;
One wallet lost $101,000 after trying GREED. It is unclear if this trader knew of Portnoy's involvement. The wallet invested 911 #SOL in the GREED snippet, but sold it for 309 SOL after the asset's value plummeted.
Even after the losses, GREED became one of the most popular meme tokens, gaining 19,982 holders. GREED did not produce a single millionaire whale. It also failed to produce a single millionaire whale, but top traders still managed to sell it in time, making a profit of $BTC While GREED and Greed 2 went up and down, Portnoy also locked in profits from LIBRA, Portnoy was compensated $5 million in USDC, which he later converted into SOL and sent to #Kraken As of February 17, the SOL token was worth $5.29 million. but the value has since plummeted.
Portnoy's recent pump-and-dump activity has also raised questions about his relationship with Kraken.
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