Dave Portnoy, the founder of Barstool Sports, has become a notable figure in the world of memecoins, claiming that he collects them as a hobby. Despite his casual approach, Portnoy has reportedly made at least $70,000 from trading these coins. However, many of the tokens he has promoted have experienced severe drops in value, with some crashing by over 97%.
Portnoy, who initially made his mark covering sports and pizza, pivoted to day trading during the COVID-19 sports shutdown. This shift allowed him to entertain his large audience with his new venture into the world of cryptocurrency. Over time, Portnoy gained attention as a crypto promoter, focusing particularly on memecoins, which are known for their volatility and speculative nature.
Portnoy’s promotional activities have involved several coins, including MONTOYA, Stool Prisondente (JAILSTOOL), GREED, GREED2, and KOLHAT. MONTOYA, for instance, had a market cap of $2.75 million when Portnoy first highlighted it. After his promotion, the token saw a massive surge, reaching a value of $9.95 million within just two minutes. However, it has since plummeted by 99.7%, now valued at under $25,000.
Similarly, JAILSTOOL, Portnoy’s original memecoin, peaked at a market cap of $217 million in February 2025 but is now worth less than $7 million, representing a 97% drop. The name of the coin was a humorous take on a misspelling of Portnoy’s Twitter handle, StoolPresidente, and was also intended as a tongue-in-cheek jab at the SEC.
Other coins promoted by Portnoy, such as GREED and GREED2, have seen declines of 99.9% and 99.5%, respectively, while KOLHAT has fallen by 99.8%. These dramatic declines are a common feature of the memecoins Portnoy has backed, which tend to experience brief spikes in value before crashing back down.
Portnoy’s approach appears to be buying these coins early, promoting them to drive up their value, and then profiting from the subsequent hype. Once the buzz dies down, the coins’ value typically collapses. Despite the significant losses faced by investors, Portnoy has managed to turn a profit during these brief price surges.
Even when he lost $5 million on a fraudulent version of the LIBRA token, Portnoy was reimbursed by the team behind the coin. The LIBRA token was linked to Argentine President Javier Milei, and the refund helped Portnoy recover his losses.
Despite the steep declines in the value of the coins, Portnoy remains unapologetic, continuing to promote these high-risk, speculative investments. His actions have sparked criticism from some, who believe he is exploiting his followers by pushing coins with little to no long-term value. Nonetheless, Portnoy seems undeterred by the backlash and continues his memecoin promotions, having made substantial gains during the brief periods of market excitement.
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