Dave Portnoy, founder of Barstool Sports, has seen his investments in the SAFEMOON crash over 94%, proving to crypto enthusiasts that he is indeed capable of catching up during a bear market.
Stock traders and media personalities took to Twitter on Monday to mourn their $40,000 investment in Meme Coin, which has fallen to just $2,370.94 after not withdrawing a single token. “Still holding that way,” Portnoy said. “Diamond Hands.”
i put in 40k @safemoon I haven’t taken any back. It’s not worth 2.3k. And I am being sued. https://t.co/qRAyBegQMm
— Dave Portnoy (@stoolpresidente) 8 August 2022
Portnoy claimed he was also being sued by Safemoon, possibly for “trashing” the project on his show, but did not elaborate. In a separate tweet, Portnoy shared a screenshot of Safemoon’s sales manager expressing displeasure with the Barstool frontman for giving the company a “poor form and unfair representation.” Portnoy “mentioned the loss of his Safemoon on the air, but failed to mention that he had not yet upgraded his holdings to V2,” the manager complained.
And let’s not forget when @safemoon I myself complained about trampling them. pic.twitter.com/1Fg2i9lijC
— Dave Portnoy (@stoolpresidente) 8 August 2022
Portnoy is no stranger to cryptocurrency, having bought bitcoin (BTC) in August 2020 only to sell a week later due to volatility. He later regretted his lack of conviction and placed several additional bets on crypto, including Safemoon.
related: Dogecoin founder speaks out against ‘meme coins’
According to CoinMarketCap, SafeMoon is down more than 99% from its all-time high of $0.000001399 in April 2021 as far as prices are concerned. The coin has a negative lifetime return on investment of 86%.
Safemoon was audited by blockchain security firm HashX in May 2021. At the time, the firm identified 12 smart contract vulnerabilities, including “temporary ownership relinquishment,” which made it particularly prone to pulling a rug.
