Dave Portnoy and the MONTOYA coin.

Last night, Portnoy published a screenshot of his own Phantom cryptocurrency wallet, which held 2.68 million MONTOYA coins. The entrepreneur accompanied his post with the following caption, which Decrypt quotes.

Ouch. Davey learned how to trade shitcoins and has already made a billion per cent profit on his first trade.

A screenshot of the MONTOYA meme token on Dave Portnoy’s wallet

The wallet’s interface made it clear that this meme token has risen dramatically over the past day. This predictably attracted traders from among Portnoy’s subscribers, who started buying MONTOYA in an attempt to make money.

Because of such transactions, the meme’s market capitalisation jumped from $2.8 million to $10 million pretty quickly.

However, the founder of Barstool Sports didn’t take into account one important point: blockchain users quickly identified Dave’s wallet using the exact amount of a not-so-popular token – we’re talking about an address that starts with 5rkPD. Well, that allowed them to keep tabs on Portnoy’s transactions with the crypto asset he had just promoted.

It turns out that five minutes later, Portnoy sold all 2.68 million tokens for 118 SOL. The equivalent of the transaction was approximately $24,000. The entrepreneur commented on the situation in the following rejoinder.

Shit. I have too much power. I made $25,000 randomly. It’s a real gamble, with my tweet raising the capitalisation of the project from $2 million to $10 million in seconds.

Selling a large amount of tokens in one transaction had a predictable effect on the token rate. It fell several times, with Portnoy’s transaction actually causing the chart to collapse.

MONTOYA transaction by Dave Portnoy on the cryptocurrency’s chart

A representative of Barstool reacted to the publication and advised Dave to be more careful, as he knows the wallet address of the entrepreneur. However, Portnoy was not embarrassed by this – in response, he recalled the transparency of the blockchain.

I want people to know what I do. I’m not trying to hide anything. That’s why I like it – everyone can see my every move.

Be that as it may, the MONTOYA exchange rate has not recovered since then. Which means buyers of the meme token after Portnoy’s tweet are most likely at a disadvantage – and primarily because of the millionaire’s respective publicity.

15-minute chart of the MONTOYA meme-token

Dave’s meme-token adventures didn’t end there. An hour later he bought the MVP meme-token for 152 SOL, but ten minutes later he got rid of his savings. The profit on this position was $48,000. The replica was as follows.

I’m out. I turned $10,000 into $75,000 today using shitcoins. It’s like playing rockets on DraftKings. I’m ecstatic!

After Portnoy’s blockchain address was revealed, some fans took to sending coins to his wallet. In addition, enthusiasts started creating memes based on Dave’s dog or Barstool Sports.

It’s worth noting that Portnoy’s debut experience with cryptocurrencies was a bad one. In early August 2020, he spent a million dollars to buy bitcoins. However, a few weeks later, Dave drained the coins after the market collapse, recording a minus of $25,000.

At the end of the day, Portnoy published a new video and asked if he would go to jail for this. According to the entrepreneur, such a thing should not violate laws.

Experts could not give a definite answer about what happened. Although many investors must have lost money on the crypto asset promoted by Dave, its blockchain address was known. Accordingly, Portnoy was not hiding his actions and was essentially acting in the open. Which means holding him accountable for something like this may not be possible.

Kanye West and the meme token

The topic of cryptocurrencies at night also touched another celebrity – performer Kanye West. Throughout the day, he published controversial tweets that caused misunderstanding of the rapper’s subscribers. In particular, he touched on the topics of anti-Semitism, sexism and even Hitler.

The posts also touched on digital assets. Judging by one of West’s entries, he plans to contact the head of the cryptocurrency exchange Coinbase Brian Armstrong, The Block reports. Here is a screenshot of the publication, in which he is promised to get the entrepreneur’s contacts.

Kanye West’s tweet about cryptocurrencies

West wrote the following.

When people are making all this money with coins, is it cash or a concept?

😈 MORE INTERESTING STUFF FROM US AT YANDEX.ZEN!

The performer also revealed that someone offered him $2 million for participating in a fake token advert. Apparently, the scheme involved publishing the crypto asset’s contract address to his 32 million follower base, with West then having to claim that his account had allegedly been hacked.

Here’s the line.

I was offered $2 million for defrauding my community. The remaining members. I said no and stopped working with the person who offered it.

Performer Kanye West


Both cases show that meme tokens are indeed one of the big hits of this bullrun. However, they also have a downside. Still, the number of such coins is in the tens of millions, causing investors' capital to be diluted. And this does not allow the market to produce a prolonged growth and thus prevents the continuation of the current bullrun.
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Look for more interesting stuff in our crypto chat. We look forward to seeing you.

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