Barstool Sports founder Dave Portnoy has watched his funding in SafeMoon (SAFEMOON) crash by over 94%, proving to crypto fans that he is, the truth is, able to hodling in the course of the bear market. 

The inventory dealer and media character took to Twitter Monday to lament his $40,000 funding within the meme coin, which has fallen to only $2,370.94 after he didn’t withdraw a single token. “Still holding by the way,” Portnoy stated. “Diamond hands.”

I put 40k into @safemoon I haven’t withdrawn any. It’s not value 2.3k. And I’m being sued.

— Dave Portnoy (@stoolpresidente) August 8, 2022

Portnoy claimed that he’s additionally being sued by SafeMoon, presumably for “trashing” the project on his present, however didn’t elaborate a lot additional. In a separate tweet, Portnoy shared a screenshot of SafeMoon’s gross sales supervisor expressing displeasure with the Barstool frontman for giving the corporate “a bad look and unfair representation.” Portnoy “mentioned his SafeMoon losses on air but failed to mention he hasn’t upgraded his holdings to V2 yet,” the supervisor complained.

And let’s not neglect when @safemoon themselves complained about me trashing them.

— Dave Portnoy (@stoolpresidente) August 8, 2022

Portnoy is no stranger to cryptocurrencies, having purchased Bitcoin (BTC) in August 2020 solely to promote it one week later attributable to volatility. He later expressed remorse over his lack of conviction and went on to make a number of further bets on cryptos, which included SafeMoon.

Related: Dogecoin founder speaks out in opposition to ‘meme coins’

As far as costs go, SafeMoon is down over 99% from its all-time excessive of $0.00001399 in April 2021, in line with CoinMarketCap. The coin has a lifetime return on funding of unfavorable 86%. 

SafeMoon was audited in May 2021 by blockchain safety agency HashEx. At the time, the agency recognized 12 sensible contract vulnerabilities, together with a “temporary ownership renounce” that made it particularly liable to a rug pull.


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