Opinion: memes are legalized Ponzi Scheme

Odaily News Barstool Sports founder Dave Portnoy stated that he has not launched a memecoin under the Barstool brand due to concerns that fans would lose everything. He described memecoins as legalized Ponzi Schemes that hold no value and must be entered and exited before the crash. Although he refused to launch the Barstool meme coin, he issued GREED in February this year, with a market cap reaching 41.5 million dollars at one point. Lookonchain data shows that Portnoy purchased 358 million GREED, accounting for 35.79% of the total supply, and later sold it all in a single transaction, causing the price to plummet, resulting in a profit of about 258,000 dollars. He responded on X that he had warned about the possibility of selling. (CoinDesk)