- Dave Portnoy boasts of collecting memecoins “as a hobby” despite earning at least $70,000 from promotion activities.
- Five of Portnoy’s promoted tokens have crashed by over 97%, with some losing as much as 99.9% of their value.
- Despite promoting nearly worthless tokens and taunting regulators, Portnoy continues his cryptocurrency activities with little consequence.
Sports media personality Dave Portnoy claims collecting memecoins is merely "a hobby," despite earning at least $70,000 from promotional activities. The Barstool Sports founder has promoted several cryptocurrencies that subsequently crashed, with five tokens declining by at least 97% from their peak values, according to crypto investigator ZachXBT.
Portnoy, who transitioned from covering sports and reviewing pizza to cryptocurrency promotion during the COVID-19 sports shutdown, has embraced his reputation as a "degenerate crypto promoter." His influence has demonstrated significant market-moving power, as evidenced when he promoted MONTOYA token, which jumped from $2.75 million to $9.95 million market cap within minutes of his endorsement.
The MONTOYA token, based on the Solana Blockchain and named after a Spanish Love Island TV participant, has since declined 99.7% to under $25,000. This pattern repeats across Portnoy’s promoted tokens, including his flagship JAILSTOOL, which has fallen 97% from its February peak of $217 million to under $7 million today.
The Pattern of Pump and Crash
Portnoy’s involvement with memecoins extends beyond JAILSTOOL, which was created as a joke referencing his username while taunting the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission. He has also promoted GREED and GREED2, which have crashed 99.9% and 99.5% respectively.
Other tokens in his portfolio have fared similarly poorly. KOLHAT has dropped 99.8% from $3 million to under $10,000, while LIBRADICK has shed 99.8%, plummeting from $14 million to less than $25,000. The consistent performance pattern across these tokens has drawn criticism from crypto analysts.
Controversial Promotions Continue Unchecked
Despite promoting multiple tokens that later became nearly worthless, Portnoy appears to face few consequences for his activities. In one instance, he even received a refund after losing $5 million on a fake version of Argentinian President Javier Milei’s LIBRA token.
Crypto investigator ZachXBT recently highlighted that five of Portnoy’s promoted coins have experienced devastating crashes exceeding 99%, questioning the pattern of pre-buying and promoting tokens that quickly pump before dramatically crashing in value.
The Barstool founder continues to list memecoins in his X (formerly Twitter) biography and promotes them to his substantial social media following, despite the track record of significant losses for those who might follow his cryptocurrency recommendations.
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