Dave Portnoy Made $68,000 From Buying and Selling Solana Meme Coins, Raising Security Concerns

Dave Portnoy, the founder of Barstool Sports, has made $68,000 from buying and selling Solana meme coins. However, his high-risk trade also revealed his Solana wallet address, raising questions about security and transparency.

Dave Portnoy, the founder of Barstool Sports, has made $68,000 from buying and selling Solana meme coins. However, his high-risk trade also revealed his Solana wallet address, raising questions about security and transparency.

Portnoy, also known as ‘Davey Day Trader,’ shared his experience investing in meme coins on X (Twitter).

He posted a picture of his Phantom wallet with 2.68 million MONTOYA tokens in it and could not contain his joy over the ‘billion percent’ return on investment.

Crypto enthusiasts on X quickly identified his wallet address, starting with “5rkPD,” verifying his trades.

Portnoy’s pump and dump of MONTOYA surged its market cap from $2.8M to $10M

Right after Portnoy’s post, the MONTOYA token’s market cap surged from about $2.8 million to more than $10 million. A short while later, the blockchain data showed that Portnoy had moved all his MONTOYA tokens, keeping the proceeds in his account for 187 SOL, which is about $24,000.

According to Portnoy the profit was between $20,000 and $25,000 instead of the expected $25,000. A Barstool employee cautioned him that he was revealing his wallet address, but Portnoy said:

I want people to know what I’m doing. I’m not trying to be shady. That’s why I like it. People can see my every move.

Undeterred, Portnoy did not stop and moved to another meme coin, MVP, which was based on the Buffalo Bills quarterback Josh Allen.

He bought and sold MVP in a matter of minutes and made about $48,000. “I’m out. I’ve turned 10k into 75 on shit coins today. It’s like playing the rocket game on DraftKings. I love it!!” He posted the message on X.

Solana users flood Portnoy’s doxxed wallet with meme coins

Since Portnoy’s wallet has been disclosed to the public, Solana users have been sending him many newly created meme coins, most of which are related to his dogs or Barstool Sports.

This isn’t the first time Portnoy has dabbled in cryptocurrency, though. He is most notorious for what he calls a ‘panic sell’ of Bitcoin in 2020 after he had invested more than $1 million. Of late, he has been mulling whether to create his token and has also dismissed the reports of his partnership with Solana protocol Meteora.

He also shared a video and said, “Does this mean it’s legal? Is it illegal to do this? I don’t think it’s allowed.” It remains to be seen if he can keep up the momentum, but he has most certainly created a buzz in the meme coin pit.