From $10,000 to $75,000: The Impact of Dave Portnoy’s Promotion and Withdrawal of a Meme Cryptocurrency on His Followers

Crypto Twitter was abuzz on Friday following reports connecting Barstool Sports founder Dave Portnoy to a forthcoming meme coin launch with Meteora, the same team responsible for the $TRUMP token.

The speculation began when influencer Nick O’Neil claimed that both Kanye West and Portnoy were collaborating with Meteora on new token launches.

However, Portnoy quickly dismissed the rumors, labeling O’Neil a “liar” and denying any involvement.

Liar https://t.co/FH2wjDl3oi

— Dave Portnoy (@stoolpresidente) February 7, 2025

Following this, tensions escalated, allowing Dave to criticize his followers who had purchased based on his apparent yet indirect promotion of the coin.

Crypto’s “Crime Supercycle”: How Dave Portnoy Profited from His Followers

Despite the back-and-forth regarding his association, Portnoy’s mere connection to meme coins continued to influence the market as many anticipate another similar launch like TRUMP.

In fact, the betting platform Polymarket observed a 44% drop in the odds of Portnoy launching a meme coin after his denial.

JUST IN: Dave Portnoy’s memecoin launch odds drop 44% on Polymarket after he confirmed he’s not involved with Meteora
The same team behind the $TRUMP token pic.twitter.com/raKXF0rRz8

— BlockNews (@blocknewsdotcom) February 7, 2025

Shortly thereafter, the Solana-based memecoin $MONTOYA surged past a $10 million market cap within minutes of a single post from Portnoy on X (formerly Twitter).

Uh oh. Davey learned how to trade shitcoin and is already up a billion % on my 1st one!!!!!! #montoyaporfavor pic.twitter.com/7qlI1ZoxT0

— Dave Portnoy (@stoolpresidente) February 7, 2025

Additionally, he publicly announced his purchase of the Josh Allen-themed MVP coin, initially investing $30,000. This action alone caused the token’s market cap to soar, and within hours, his holdings increased to over $220,000.

I lost 1 million dollars on the Bills Super Bowl. I think I can make 1 million back on Josh Allen MVP coin. Buy at your own risk. I just bought it. I’m gonna sell it. Don’t buy what you can’t lose. pic.twitter.com/PTNVdjo3Ow

— Dave Portnoy (@stoolpresidente) February 7, 2025

While Portnoy has never hidden his gambling mindset, he openly acknowledged treating these trades as high-stakes bets.

As he stated: “I lost 1,000,000 dollars on the Bills Super Bowl. I think I can make 1,000,000 back on Josh Allen MVP coin. Buy at your own risk. I just bought it. I’m gonna sell it. Don’t buy what you can’t lose.”

This straightforward declaration, albeit cynical, aligns with what many critics have long asserted: crypto speculation driven by influencers is often less about fundamentals and more about market manipulation.

Portnoy’s actions reignited the debate surrounding the ethics and legality of influencer-led crypto trading.

Blockchain analytics firm Arkham Intelligence reported that Portnoy earned $75,000 from his meme coin trades just today.

This is Dave Portnoy
He made $75K on memecoins today.https://t.co/GJObDOuXCa https://t.co/Mpm5amGAh4 pic.twitter.com/VnyBbdphGq

— Arkham (@arkham) February 7, 2025

This prompted community reactions dubbing this period the “crime supercycle,” with influencer Jakey humorously stating, “CRIME IS LEGAL IN CRYPTO.”

CRIME IS LEGAL IN CRYPTO
“This is the crime supercycle” pic.twitter.com/Y9K53l1Qbf

— BlockNews (@blocknewsdotcom) February 7, 2025

Portnoy later attempted to separate himself from the controversy, clarifying that his involvement with memecoins was different from launching his own token.

“For the millionth time, me f***ing around buying shitcoins vs. me doing my own is night and day. I’ll never ever drop my own coin unless I’m 100% sure I don’t get scammed,” he asserted, adding that if he ever did, it would only be through his verified channels.

However, Nick O’Neil and others maintain that they have evidence linking Portnoy to the Meteora project, keeping the controversy ongoing.

Hey @stoolpresidente it’s your move… pic.twitter.com/gTeV6GCEbZ

— Nick O’Neill (@chooserich) February 7, 2025

The situation, whether connected to Portnoy or not, illustrates the broader influence of prominent figures in crypto trading.

“Learning from History: The Risks of Meme Coin Influencer Hype

Portnoy is far from the first influencer to benefit from meme coin frenzy at the expense of their followers.

Logan Paul infamously promoted the ill-fated CryptoZoo project, leaving many investors with worthless tokens.

Similarly, Kim Kardashian faced penalties from the SEC for failing to disclose that she had been compensated to promote EthereumMax, a questionable token that quickly lost value.

Portnoy’s meme coin trades serve as another stark reminder that buyers should conduct their own research rather than blindly follow high-profile individuals.

Ultimately, while influencers can create significant market movements, their interests rarely align with those of long-term investors.

Interestingly, Kanye West, who was reportedly involved in all of this initially, later stated that someone offered him $2 million to scam his community with a “fake ye currency.”

I was offered 2 million dollars to scam my community. Those left of it I said no and stopped working with the one who proposed it pic.twitter.com/WKHdP9FkOq

— ye (@kanyewest) February 7, 2025

As it stands today, Kanye West has not launched any meme coin. While viral hype can trigger sudden price increases, a genuine understanding of a project’s fundamentals remains the most reliable safeguard against costly errors.

The post From $10K to $75K: How Dave Portnoy Pumped and Dumped a Meme Coin on His Followers appeared first on Cryptonews.