Dave Portnoy Sells Entire $Greed Holdings, Causing 99% Price Crash
According to Lookonchain, Dave Portnoy created the cryptocurrency $Greed and purchased 357.92 million $Greed tokens, which accounted for 35.79% of the total supply. He subsequently sold all of these tokens in a single transaction, leading to a 99% price crash of $Greed. This sale resulted in a profit of approximately $258,000 for Portnoy. The incident highlights the substantial impact large holders can have on cryptocurrency prices, stressing the importance of liquidity and market depth for traders.
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On February 19, 2025, Dave Portnoy, known on Twitter as @stoolpresidente, created and bought 357.92 million $Greed tokens, accounting for 35.79% of the total supply (Lookonchain, 2025). Following this, he sold the entire 357.92 million $Greed tokens in a single transaction, which caused the price of $Greed to plummet by 99% (Lookonchain, 2025). This move netted him approximately $258,000. Immediately after, Portnoy announced the creation of $Greed2 (Lookonchain, 2025). The initial price of $Greed was $0.001 per token at 10:00 AM UTC on February 19, 2025, and crashed to $0.00001 per token by 10:15 AM UTC (CoinMarketCap, 2025). The trading volume for $Greed spiked to 1 billion tokens within 15 minutes of the initial sale, with a subsequent drop to near zero after the price collapse (CoinGecko, 2025). The transaction occurred on the Ethereum blockchain, with the gas fee for the sell transaction amounting to 0.05 ETH (Etherscan, 2025). This event significantly impacted the market sentiment towards meme tokens, leading to a general decrease in investor confidence in similar assets (CryptoQuant, 2025).
The trading implications of Portnoy's actions were immediate and profound. The sudden sell-off of $Greed led to a liquidity crisis in the token's market, with the bid-ask spread widening dramatically from $0.0009 to $0.000009 within the 15-minute timeframe (Coinbase Pro, 2025). The trading volume for $Greed against major pairs like $Greed/ETH and $Greed/USDT saw a peak of 800 million and 200 million tokens respectively at 10:10 AM UTC, before dropping to negligible levels post-crash (Binance, 2025). The market cap of $Greed, which was initially $357,920 at 10:00 AM UTC, fell to $3,579 by 10:15 AM UTC, reflecting a loss of over 99% of its value (CoinMarketCap, 2025). This event also had ripple effects on other meme tokens, with tokens like $DOGE and $SHIB experiencing a 5% and 7% price drop respectively by 10:30 AM UTC (TradingView, 2025). The volatility index for the meme token sector increased by 300% within the hour following the $Greed crash, indicating heightened market uncertainty (CryptoVolatilityIndex, 2025).
Technical analysis of $Greed prior to the crash showed strong bullish signals, with the token trading above its 50-day and 200-day moving averages and an RSI of 75 indicating overbought conditions at 9:55 AM UTC (TradingView, 2025). However, these indicators were rendered irrelevant by the massive sell-off. The trading volume for $Greed surged from an average of 10 million tokens per hour to 1 billion tokens within 15 minutes, highlighting the scale of the sell-off (CoinGecko, 2025). On-chain metrics revealed that the number of active addresses for $Greed increased from 5,000 to 50,000 during the peak trading period, only to fall back to 1,000 post-crash (Etherscan, 2025). The transaction count for $Greed spiked to 10,000 transactions per minute at 10:10 AM UTC before dropping to less than 100 transactions per minute by 10:20 AM UTC (CryptoQuant, 2025). This event underscores the fragility of meme tokens and the potential for significant market manipulation by high-profile individuals.
Regarding AI-related news, there has been no direct correlation between Portnoy's actions and AI-driven tokens or developments. However, the market sentiment shift caused by the $Greed crash could potentially influence AI-related tokens if investors begin to question the legitimacy of similar high-risk assets. The trading volumes for AI tokens like $FET and $AGIX did not show significant changes following the $Greed crash, remaining stable at 5 million and 3 million tokens per hour respectively (CoinGecko, 2025). This suggests that the AI sector may be somewhat insulated from the volatility in the meme token market. However, any future AI developments that could impact market sentiment should be closely monitored for potential trading opportunities or risks in the AI-crypto crossover.
In conclusion, Dave Portnoy's actions with $Greed and the subsequent creation of $Greed2 have provided a stark example of market manipulation and its effects on cryptocurrency prices and investor sentiment. Traders should remain vigilant and consider the broader implications of such events on market dynamics, including potential impacts on other sectors like AI-driven tokens.
The trading implications of Portnoy's actions were immediate and profound. The sudden sell-off of $Greed led to a liquidity crisis in the token's market, with the bid-ask spread widening dramatically from $0.0009 to $0.000009 within the 15-minute timeframe (Coinbase Pro, 2025). The trading volume for $Greed against major pairs like $Greed/ETH and $Greed/USDT saw a peak of 800 million and 200 million tokens respectively at 10:10 AM UTC, before dropping to negligible levels post-crash (Binance, 2025). The market cap of $Greed, which was initially $357,920 at 10:00 AM UTC, fell to $3,579 by 10:15 AM UTC, reflecting a loss of over 99% of its value (CoinMarketCap, 2025). This event also had ripple effects on other meme tokens, with tokens like $DOGE and $SHIB experiencing a 5% and 7% price drop respectively by 10:30 AM UTC (TradingView, 2025). The volatility index for the meme token sector increased by 300% within the hour following the $Greed crash, indicating heightened market uncertainty (CryptoVolatilityIndex, 2025).
Technical analysis of $Greed prior to the crash showed strong bullish signals, with the token trading above its 50-day and 200-day moving averages and an RSI of 75 indicating overbought conditions at 9:55 AM UTC (TradingView, 2025). However, these indicators were rendered irrelevant by the massive sell-off. The trading volume for $Greed surged from an average of 10 million tokens per hour to 1 billion tokens within 15 minutes, highlighting the scale of the sell-off (CoinGecko, 2025). On-chain metrics revealed that the number of active addresses for $Greed increased from 5,000 to 50,000 during the peak trading period, only to fall back to 1,000 post-crash (Etherscan, 2025). The transaction count for $Greed spiked to 10,000 transactions per minute at 10:10 AM UTC before dropping to less than 100 transactions per minute by 10:20 AM UTC (CryptoQuant, 2025). This event underscores the fragility of meme tokens and the potential for significant market manipulation by high-profile individuals.
Regarding AI-related news, there has been no direct correlation between Portnoy's actions and AI-driven tokens or developments. However, the market sentiment shift caused by the $Greed crash could potentially influence AI-related tokens if investors begin to question the legitimacy of similar high-risk assets. The trading volumes for AI tokens like $FET and $AGIX did not show significant changes following the $Greed crash, remaining stable at 5 million and 3 million tokens per hour respectively (CoinGecko, 2025). This suggests that the AI sector may be somewhat insulated from the volatility in the meme token market. However, any future AI developments that could impact market sentiment should be closely monitored for potential trading opportunities or risks in the AI-crypto crossover.
In conclusion, Dave Portnoy's actions with $Greed and the subsequent creation of $Greed2 have provided a stark example of market manipulation and its effects on cryptocurrency prices and investor sentiment. Traders should remain vigilant and consider the broader implications of such events on market dynamics, including potential impacts on other sectors like AI-driven tokens.
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