Dave Portnoy just pulled the mother of all dumps… twice. 

He grabbed 35.79% of GREED's supply, pumped it to $47 million, and then dumped everything faster than $LIBRA.

Just another day in meme coin antics, huh?

Rugs By The Numbers

The price crashed from $0.038 to $0.002 in one transaction, with Portnoy walking away with a cool $258,000.

One unlucky trader lost $101,000 in three hours flat, proving that you really should NOT listen to these celebrity types when they talk about their trades. 

The crazy part is that Portnoy's not even sorry, quipping to his now-rugged followers: "You are all greedy. At least admit it."

Then he launched GREED2 like nothing happened – and what followed proved he was 100% right.

GREED2 hit a $28 million market cap on launch day, with Portnoy holding 26.8% of the supply this time.

Thankfully, the collective consciousness came to its senses, and the token is now closer to six figures than it’s previous ridiculous valuation – especially given the man literally just rugged his last token not 24 hours ago. 

The Celebrity Effect

Portnoy's not the only one playing meme coin games, with Trump, Milei, and Musk all pumping their own bags.

The whole scene is starting to look like a celebrity casino.

Recall that Haley Welch of Hawk Tuah fame is still grappling with an ongoing lawsuit over her epic pump-and-dump fail.

And these aren't your regular crypto rug pulls – we're watching public figures pump and then dump their tokens in broad daylight right in front of regulators.

And, somehow, they're getting away with it.

The Regulatory Storm Approaching?

The SEC is probably adding this to their highlight reel.

Regulators are watching closer than degen traders during a pump, and this latest saga might very well be the case they've been waiting for.

After all, how long can flagrant market manipulation like this be allowed to continue before people start asking why the SEC exists at all?

The whole meme coin sector now looks shakier than ever, with every influencer thinking they can launch a token with no repercussions. 

Nobody's even pretending these have utility anymore – it’s pure gambling. 

The Race To The Bottom

Portnoy just showed us the meme coin playbook.

Buy big, pump hard, dump fast, repeat.

Perhaps it’s best to just take these things at face value – when someone names their token GREED, believe them.