Crypto Twitter exploded on Friday after reports surfaced linking Barstool Sports founder Dave Portnoy to an upcoming meme coin launch with Meteora, the same team behind the $TRUMP token.
The speculation began when influencer Nick O’Neil posted that both Kanye West and Portnoy were working with Meteora on new token launches.
However, Portnoy quickly shut down the rumors, calling O’Neil a “liar” and denying any involvement.
From there, things escalated, allowing Dave to dump on his followers, who bought because of his obvious yet indirect promotion of the coin.
Crypto’s “Crime Supercycle”: How Dave Portnoy Got Rich Off His Followers
Despite this back and forth regarding affiliation, Portnoy’s mere association with meme coins continued to shake the market as many are expecting another similar spiral launch like TRUMP.
In fact, the betting platform Polymarket saw the odds of Portnoy launching a meme coin collapse by 44% after his denial.
Yet, shortly after, Solana-based memecoin $MONTOYA skyrocketed past a $10 million market cap within minutes of a single post from Portnoy on X (formerly Twitter).
Similarly, he publicly announced his purchase of the Josh Allen-themed MVP coin, initially investing $30,000. This single-handedly sent the token’s market cap soaring, and within hours, his holdings ballooned to over $220,000.
While Portnoy has never shied away from his gambling mentality, he openly admitted to treating these trades as high-stakes bets.
As he posted: “I lost a million dollars on the Bills Super Bowl. I think I can make a 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 ya can’t lose.”
This blunt statement, while cynical, is what many critics have long pointed out: crypto speculation driven by influencers is less about fundamentals and more about market manipulation.
Portnoy’s actions once again reignited the debate around the ethics and legality of influencer-driven crypto trading.
Blockchain analytics firm Arkham Intelligence reported that Portnoy made $75,000 from his meme coin trades just today.
This led to community reactions labeling this era as the “crime supercycle,” with influencer Jakey jokingly declaring, “CRIME IS LEGAL IN CRYPTO.”
Portnoy later tried to distance himself from the controversy, clarifying that his engagement with memecoins was distinct 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 insisted, 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 alive.
The situation, whether linked to Portnoy or not, reflects the broader influence of high-profile figures in crypto trading.
“Learning From History: The Dangers of Meme Coin Influencer Hype
Portnoy is far from the first influencer to profit off meme coin mania at the expense of their followers.
Logan Paul notoriously promoted the disastrous CryptoZoo project, leaving many investors with worthless tokens.
Similarly, Kim Kardashian was fined by the SEC for failing to disclose that she had been paid to promote EthereumMax, a dubious token that quickly plummeted in value.
Portnoy’s meme coin trades are another stark reminder that buyers must conduct research rather than blindly follow high-profile figures.
Ultimately, while influencers can generate enormous market movement, their incentives rarely align with long-term investor interests.
Interestingly, Kanye West, who was reportedly entangled in all these initially, later posted that someone offered him $2 million to scam his community with a “fake ye currency.”
Still, as it stands currently, Kanye West has not launched any meme coin. While viral hype can spark sudden price surges, genuine understanding of a project’s fundamentals is the most reliable shield against costly missteps.
The post From $10K to $75K: How Dave Portnoy Pumped and Dumped a Meme Coin on His Followers appeared first on Cryptonews.
