Dave Portnoy Defends Meme Coin Trading Amid Pump-and-Dump Accusations

Barstool Sports founder Dave Portnoy is pushing back against claims that his meme coin trading resembles a pump-and-dump scheme. Taking to social media, he insisted that cryptocurrency is a risky but transparent market where traders know the stakes.

"We all know the rules. We’re all trying to make a buck. Nobody is misleading anybody," Portnoy posted on X. "If you’re buying and selling shitcoins, be prepared to lose. It’s a risk."

Portnoy’s Take on Meme Coin Trading

Portnoy shared videos explaining his recent dive into altcoins. Admitting he was new to this type of trading, he described how someone taught him the process, leading to his first successful trades.

"A guy showed me how to get in. I bought a coin, tweeted about it, the price went up, then I sold it," he explained. "Same thing with another coin. I turned $10,000 into $75,000 in no time."

Recognizing the potential for massive profits, he questioned whether his actions were legal: "Can I not do this? I think it’s legal … This is just being a trader."

Regulatory Uncertainty in Crypto

Portnoy’s comments come amid evolving crypto regulations in the U.S. The Securities and Exchange Commission (SEC) is undergoing changes, with some experts suggesting a more relaxed stance on speculative trading.

Crypto Czar David Sacks has even argued that meme coins should be classified as collectibles rather than financial instruments, placing them outside traditional securities laws. Meanwhile, figures like Donald and Melania Trump have launched their own crypto ventures, signaling growing mainstream acceptance.

Portnoy: "It’s a Game, and Everyone Knows the Rules"

Defending his trading activity, Portnoy compared meme coin speculation to a high-stakes game where timing is everything. He emphasized that he wasn’t launching his own coin or misleading anyone—just trading openly like everyone else.

"If I made my own coin, I’d make sure it wasn’t a scam. But these are existing coins. I tell people what I’m buying and selling," he said. "You know what I’m doing—I’m trying to make money. It pops, I sell."

Addressing critics, he added: "You’re just mad you didn’t dump them on me first. Stop crying. This isn’t your grandma losing her life savings. Everyone knows the score."

With crypto remaining a volatile and unpredictable market, Portnoy’s unapologetic stance highlights the risks and rewards traders willingly embrace.