Viewpoint: Meme Coin is a legalized Ponzi scheme

Odaily Planet Daily News: Dave Portnoy, founder of Barstol Sports, said that he did not launch the Barstol brand's memecoin because he was worried about losing all his fans. He claimed that Memecoin is a legalized Ponzi scheme with no value and must be withdrawn before it collapses. Although he refused to launch Barstool meme coins, he issued GREEN in February this year, with a market value of $41.5 million at one point. According to Lookonchain data, Portnoy purchased 358 million pieces of GREEN, accounting for 35.79% of the total supply, and then sold them all in one transaction, resulting in a sharp drop in price and a profit of approximately $258000. He responded on X by stating that he had warned that it might be sold. （CoinDesk）