Barstool Sports founder: meme coins are legalized Ponzi schemes

ChainCatcher news, according to CoinDesk, Barstool Sports founder Dave Portnoy stated that he has not launched a memecoin under the Barstool brand because he is concerned about fans losing money. He described memecoins as legalized Ponzi schemes with no value, which must be entered and exited before a crash.

Although he refused to launch a Barstool meme coin, he issued GREED in February this year, which once reached a market cap of $41.5 million. Lookonchain data shows that Portnoy purchased 358 million GREED, accounting for 35.79% of the total supply, and later sold all of it in a single transaction, causing the price to plummet, resulting in a profit of approximately $258,000. He responded on X that he had warned about the possibility of selling.