Barstool Sports founder Dave Portnoy has seen his investment in SafeMoon (SAFEMOON) plummet by over 94%, proving to crypto enthusiasts that he is indeed capable of holding during the bear market.
The stock trader and media personality took to Twitter on Monday to lament his $40,000 investment in the meme coin, which has fallen to just $2,370.94 after not withdrawing a single token. “I’m still holding by the way,” Portnoy said. “Diamond Hands”.
I put 40k into @safemoon I haven’t withdrawn any. It’s not worth 2.3k. And I’m being tired. https://t.co/qRAyBegQMm
— Dave Portnoy (@stoolpresidente) August 8, 2022
Portnoy said he is also being sued by SafeMoon, possibly for attacking the project on his show, but didn’t elaborate. In a separate tweet, Portnoy shared a screenshot of SafeMoon’s sales manager expressing his displeasure with Barstool’s leader for giving the company “a bad image and unfair representation.” Portnoy “mentioned his loss on SafeMoon on air, but failed to mention that he hasn’t upgraded his holdings to V2 yet,” the manager complained.
And let’s not forget when @safemoon themselves complained about me trashing them. pic.twitter.com/1Fg2i9lijC
— Dave Portnoy (@stoolpresidente) August 8, 2022
Portnoy is no stranger to cryptocurrencies, having bought Bitcoin (BTC) in August 2020 only to sell it a week later due to volatility. He later expressed regret for his lack of conviction and went on to make several additional cryptocurrency bets, which included SafeMoon.
As for the prices, SafeMoon is down over 99% from its all-time high of $0.00001399 in April 2021, according to CoinMarketCap. The coin has a lifetime return on investment of -86%.
SafeMoon was audited in May 2021 by blockchain security firm HashEx. At the time, the firm identified 12 smart contract vulnerabilities, including a “temporary relinquishment of ownership” that made it especially prone to a rug pull.
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