Dave Portnoy Is Having A Headache With SafeMoon At Negative 94%
Dave Portnoy, the founder of Barstool Sports, has seen his investment in SafeMoon (SAFEMOON) plummet by more than 94%, showing to crypto aficionados that he is, in fact, capable of “hodling” during the bear market.
On Monday, the stock trader and media celebrity turned to Twitter to mourn his $40,000 investment in memecoin, which has now dropped to $2,370.94 after he didn’t withdraw a single token.
Portnoy also stated that he is being sued by SafeMoon, allegedly for “trashing” the project on his program, although he didn’t go into much detail. Portnoy also tweeted a screenshot of SafeMoon’s sales manager criticizing the Barstool Sports frontman for giving the firm “a bad look and unfair representation.”
Portnoy has experience with cryptocurrencies, having purchased Bitcoin (BTC) in August 2020 only to sell it one week later due to volatility. He eventually expressed sorrow for his lack of commitment and went on to make numerous more crypto bets, including SafeMoon.
SafeMoon is down more than 99% from its all-time high of $0.00001399 in April 2021. The coin has a negative 86% lifetime return on investment.
HashEx, a blockchain security organization, evaluated the project in May 2021. The business discovered 12 smart contract flaws at the time, including a “temporary ownership relinquish” that rendered it highly vulnerable to a rug pull.
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