Barstool Sports founder Dave Portnoy has ventured into the volatile world of Solana meme coins, publicly documenting his trades while amassing $68K in profits. His transparent approach—doxxing his wallet—has sparked both intrigue and caution within the crypto community.
Portnoy’s Meme Coin Trading Debut
Portnoy took to X (formerly Twitter) to announce his first successful trade:
“Uh oh. Davey learned how to trade shitcoin and is already up a billion percent on my 1st one!!!!!!”
His post included a screenshot of his Phantom wallet holding 2.68 million MONTOYA tokens—a meme coin inspired by a Spanish reality TV catchphrase. Within minutes, MONTOYA’s market cap surged from $2.8M to over $10M.
Key Trades and Profits
- MONTOYA Sale: Portnoy sold all tokens for 118 SOL (~$24K)**, netting **$20K profit.
- MVP Token Flip: He bought MVP tokens (referencing Josh Allen’s NFL award) for 152 SOL, selling them minutes later for $77K**—a **$48K profit.
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Transparency and Controversy
Portnoy emphasized his open approach:
“I want people to know what I’m doing. I’m not trying to be shady. People can see my every move.”
However, critics flagged risks:
- Unsolicited Token Flood: After revealing his wallet, users spammed him with new meme coins.
- Past Crypto Missteps: In 2020, Portnoy panic-sold $1M in Bitcoin, later admitting he “fucked up.”
FAQ: Dave Portnoy’s Crypto Activity
Q1: How much profit did Portnoy make?
A: $68K across two trades—$20K from MONTOYA and $48K from MVP.
Q2: Why did he publicize his wallet?
A: To promote transparency in crypto trading, leveraging blockchain’s open ledger.
Q3: Are meme coin trades legal?
A: Yes, but regulators scrutinize pump-and-dump schemes. Portnoy joked, “Do you go to jail for this?”
The Trump Coin Influence
Portnoy’s interest grew after Donald Trump’s TRUMP meme coin launched in January 2024. He’s since researched launching his own token, though denied rumors of a Meteora collaboration.
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Final Thoughts
Portnoy’s foray highlights meme coins’ high-risk, high-reward nature. His transparency sets a precedent, but experts urge caution—especially with unsolicited tokens flooding public wallets.
Disclaimer: Crypto trading carries risks. This article is not financial advice.
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