Dave Portnoy, the controversial founder of Barstool Sports, is once again making headlines in the crypto world with his latest venture into meme coins.

Portnoy recently launched GREED, a meme coin that he touted as a collectible token. According to on-chain analyst Lookonchain, Portnoy acquired a significant portion of the total supply, only to quickly sell off his entire holding, causing the price of GREED to plummet by 99%. Despite the market chaos, Portnoy managed to walk away with a profit of around $258,000.

While Portnoy's move sparked debates about market manipulation and ethical concerns, it is not the first time he has been embroiled in crypto drama. Prior to GREED, Portnoy found himself in the midst of the LIBRA meme coin scandal, where he returned over 6 million tokens after realizing he could not disclose his involvement.

Undeterred by the backlash, Portnoy proceeded to launch GREED2, further fueling speculation and skepticism within the crypto community. His subsequent promotion of JAILSTOOL on the Kraken exchange only added to the controversy, as users questioned his transparency and intentions in the volatile meme coin market.

Despite defending his actions and condemning critics on social media, Portnoy continues to face backlash for his involvement in what some perceive as pump-and-dump schemes in the meme coin space.

As the crypto world watches closely, Portnoy's foray into meme coins serves as a cautionary tale about the risks and uncertainties of the rapidly evolving digital asset landscape.