- Dave Portnoy made $68,000 in profits trading Solana meme coins in a single day through two separate trades.
- His first trade with MONTOYA tokens yielded $20,000 in profit after the market cap surged from $2.8M to $10M following his public disclosure.
- A second trade with MVP tokens netted him an additional $48,000 profit in less than ten minutes.
- Portnoy publicly shared his wallet address, leading to an influx of newly created meme tokens from Solana users.
- This marks Portnoy’s return to crypto trading after his previous Bitcoin investment in 2020 ended in a self-admitted “panic sell.”
Dave Portnoy, founder of Barstool Sports, demonstrated the volatile nature of cryptocurrency meme token trading by generating $68,000 in profits through two rapid trades on the Solana Blockchain, while openly sharing his trading activity with his social media followers.
The sports media entrepreneur’s first foray involved purchasing MONTOYA tokens, based on a viral Spanish reality TV show phrase. After crypto observers identified his wallet address, Portnoy’s public announcement caused the token’s market capitalization to surge from $2.8 million to over $10 million in minutes.
Blockchain data confirms Portnoy sold his entire position of 2.68 million MONTOYA tokens for approximately 118 SOL (Solana’s native cryptocurrency), worth nearly $24,000, securing a $20,000 profit.
In a second trade, Portnoy purchased MVP tokens – a meme coin referencing Buffalo Bills quarterback Josh Allen’s Most Valuable Player award. Within ten minutes, he executed two sales totaling $77,000, resulting in a $48,000 profit.
“I want people to know what I’m doing. I’m not trying to be shady. That’s why I like it. People can see my every move,” Portnoy stated, embracing blockchain’s transparency features.
This latest cryptocurrency venture follows Portnoy’s previous experience in 2020, when he invested $1 million in Bitcoin but exited the position after a short-term decline. The transparency of his recent trades has attracted attention from the Solana community, with users sending numerous newly created meme coins to his public wallet address.
Amid speculation about launching his own token, Portnoy publicly denied allegations from crypto personality Nick O’Neill about a potential collaboration with Solana protocol Meteora, maintaining transparency about his trading activities while expressing uncertainty about regulatory implications.
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