But the outspoken investor has apparently pulled out of cryptocurrencycryptocurrency after a rough week across the market, including a nearly 30% tank for Chainlink after he came out in support as one of the infamous Link Marines.
“I currently own zero bitcoins,” Portnoy tweeted this afternoon. “I will wait and watch. I lost 25k. Just like with the stock market it took my brain time to figure it out. I know this. The Link Marines are weak and the orchid flowers do die in the crypto world. I may or may not be done. #bitcoin”
I currently own zero bitcoins. I will wait and watch. I lost 25k. Just like with the stock market it took my brain time to figure it out. I know this. The Link Marines are weak and the orchid flowers do die in the crypto world. I may or may not be done. #bitcoin
It’s a sharp reversal from earlier this week. On Monday, he boasted on his daily “Davey Day Trader” stream that he was up more than $100,000 on his seven-figure BitcoinBitcoin investment after a week, and that he owned at least $300,000 of Chainlink—enough, he said, to call himself a Link Marine.
“I am a Link Marine, I fuckin’ love it,” he said on the stream. “I’m a huge Link Marine. I think I’m $300,000 of one and that thing just rips.”
But Portnoy’s brash tactics might have rubbed the crypto faithful the wrong way. On Monday, he repeatedly prodded viewers to purchase Orchid Protocol’s OXT token, which has seen volatile movement of late, and encouraged them to pump and dump the token. Since Monday, OXT’s price is down by about one-third.
“It’s like a fucking little wimpy coin, and we’re gonna push OXT to the fuckin’ moon.. that’s a little cheap-ass Bitcoin,” he said. “Go buy OXT. Get in on it, and then get out on it. Let’s fuckin’ pump and dump it.”
Chainlink has been the hottest cryptocurrency of the year, gaining nearly 1000% to its price since January.
But that meteoric rise came to a screeching halt over the weekend. And, coincidentally, the price of LINK has only continued to tank after Davey Day Trader himself, Barstool Sports president Dave Portnoy, endorsed the coin on his day-trading livestream and declared himself a member of the “Link Marines.”
While Chainlink is still up a devilish 666% since the start of 2020, the cryptocurren...
We’ve seen similar results with LINK. As Decrypt detailed earlier today, the coin’s price is down nearly 30% this week after soaring nearly 1000% from the start of 2020. It’s still up significantly on the year, but anyone who... say, sunk $300,000 in it just recently is bound to feel a bit stung.
Portnoy, who has only expanded his vast online following via the Davey Day Trader streams this year, said on Monday that while he doesn’t pump and dump traditional stocks due to SEC oversight, he felt no shame about doing it with cryptocurrency—and telling his viewers to do much the same.
“The thing I like about pump-and-dumps in crypto is it’s encouraged,” he said. “In crypto, you can pump and dump all day long.”
Eight of the 10 most-capitalized coins are down over the last week, according to CoinGecko, so it’s hard to say how significant Portnoy’s influence has been on recent prices of the coins he has promoted. But his aggressive strategies seemed to backfire in the short term, at least, and we’ll see whether his fans are as receptive the next time around should he reinvest in crypto.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Dogwifhat organizers have given up on their goal of advertising the prominent Solana meme coin on the Las Vegas Sphere, over a year after nearly $700,000 worth of crypto was raised for the campaign. This comes after the token’s official X account hinted in late January that the dog would appear on the exosphere in Q1 2025.
Late Monday, pseudonymous organizer GamesMasterFlex, also known as Edward, took to X (formerly Twitter) to state that the push to put the pup on the Sphere has ended, and that...
Grayscale Investments, one of the largest Bitcoin ETF issuers, filed to convert its existing private Digital Large Cap Fund to a publicly available exchange traded fund (ETF). It currently contains Bitcoin, Ethereum, XRP, Solana, and Cardano.
The existing private fund, which is only available to accredited investors through private placement, heavily leans towards Bitcoin with a 79.4% weighting, at the time of writing.
The rest includes Ethereum with 10.69%. XRP, Solana, and Cardano take up 5.85...
In February, North Korean hackers broke headlines with what is now regarded as the largest single hack in crypto history.
The Lazarus Group stole at least $1.4 billion from Bybit and later funneled those funds to crypto mixers.
"Someone had pulled off the biggest hack in [crypto] history, and we had a front-row seat," Samczsun, Research Partner at Paradigm, recalled in a blog post.
The researcher said they witnessed the theft in real-time and collaborated with Bybit to confirm the unauthorized a...