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Barstool Sports founder Dave Portnoy bought the wrong version of the Libra (LIBRA) memecoin, leading to it skyrocketing in value.
Solana (SOL) transaction data shows that Portnoy’s known wallet acquired nearly $170,000 worth of LIBRA. Market data shows that this was followed by the token jumping up in value by 3,000%. He announced the mistake to the world himself in a subsequent X post:
“Anybody wanna buy some fake Libra? Warning. This is a meme coin. I bought it by accident. It will be volatile. It will eventually go to zero. It may rip. It may tank. Don’t put on more than you can lose!!! It’s a collectible.”
This is a continuation of a pattern of trading and discussing memecoins on social media by Portnoy. As recently reported, he recently announced that he started trading low-cap tokens with little to no fundamental value and since then has promoted numerous memecoins.
The details
Portnoy currently holds over 20.6 million LIBRA tokens. Despite their initial price increase to an all-time high of $0.02166, the price has crashed to $0.001630, and his holdings are worth just over $32,000 at the time of writing.
The news follows Portnoy revealing that he was prepared to join the Libra memecoin project as an advisor, and bought the token upon launch, but later returned a gift of around 6 million tokens after the project’s advisor, Hayden Davis, told him not to disclose receiving it. He said on X:
“I’m not going to tweet about this f—ing launch and act like I’m just, ‘Oh, Milei’s the f—ing best’…and not mention that they have given me coins. […] And by the way, I bought a shit-ton of it…they never gave me the coins before the launch.”
The remarks follow Argentine President Javier Milei facing impeachment calls and a lawsuit accusing him of fraud over his promotion of Libra.
