The Harsh Reality of Memecoins
What’s up y’all, been a minute.
Today I’m writing about transparency—or more like the lack of it—in the crypto space. When I first joined, I learned about concepts I’d never heard of before, whether that was decentralization, anonymity, or just the blockchain as a whole. The first project I bought into was called “Bored Bunny.” It was one of the largest rug pulls in the history of NFT projects, allegedly raking in over $20 million, and even got put on blast by ZachXBT. After my brother, my best friend, and I lost over $10k on it, I did what I think any normal person would do: I dug in to find answers.
What came of this? Absolutely nothing, at least nothing yet. It was frustrating because I wanted answers, I wanted to know what piece of shit would launch a project that was endorsed by people like Jake Paul, Casey Neistat, and David Dobrik (just to name a few), and then scam buyers out of tens of thousands of dollars. Fast forward three years, and I’ve realized this space is flooded with projects exactly like that. Bored Bunny wasn’t the first, and it sure as hell won’t be the last.
That brings us to today, when the biggest headlines revolve around memecoins. It’s like the NFT bubble of 2021–2022 all over again, except instead of tokens with cute little animal pictures, we now get tokens with even less effort—just a name and, more than likely, some shady individuals who have no intention of seeing the project through. Some people call it an online casino; I think it’s more like Russian roulette. But instead of a 1-in-6 chance of catching a bullet, it’s more like 5-in-6. Why? Because it’s basically rigged to make you lose. There are always people ten steps ahead of you—“insiders,” as they’re often called.
Which brings me to the most recent controversy surrounding Dave Portnoy, some dude who looks like he evolved into his final form, and the President of Argentina. Here’s the short story regarding the $LIBRA token:
* Launched on February 14, 2025 and was “shared” (apparently different from “endorsed”) by Argentina President Javier Milei.
* After this “sharing,” the token went from $0.000001 to $5.20, hitting a $4.5 billion market cap.
* It then dropped 95% (welcome to the world of memecoins)
* Hayden Davis (Golem) admitted he “sniped” the token—using bots for fast trades—and says he still holds it, claiming he did this to prevent “real” snipers from doing it first (he’s not wrong that this would’ve happened).
* Dave Portnoy invested in it and accused Milei of “betrayal” but also got a $5 million refund from Golem, while other investors got wrecked. Personally, I see it as a buyback from Golem to keep Dave’s trust so he can profit off him later, but that’s just me speculating.
Now that you’re caught up on that fiasco (and for everyone calling for Milei’s impeachment, they should shut the fuck up—it’s no different than what Trump did for his coin), let’s move on. Fast forward to today: Dave Portnoy is still here, trading memecoins, doing what he does best—talking shit while staying true to himself.
And that leads me to the core of this: transparency. After more than three years in this space—watching celebrities jump on NFTs and being too pussy to accept responsibility, and now seeing the same thing happen with memecoins—the main point I keep hearing (and agree with) is that people just want transparency. Especially from those in influential roles. If you’ve been online long enough, you know how easily one tweet or Instagram post from a big name can pump or dump a token’s price.
Take Bored Bunny for example. If Floyd Mayweather, DJ Khaled, and Chantel Jeffries hadn’t endorsed it, would it have raked in $20 million? Probably not. But that’s not even what pissed me off the most about getting scammed. What got me was that these cocksuckers took $250k, promoted a project they didn’t know or care about, and then went on living their lives while the people who trusted them lost money because of their own ignorance and lack of due diligence. (Yes, I know I’m just as retarded for buying in. At least I can admit it.)
In the end, there was zero transparency, no accountability, and all the endorsers ghosted. That’s why I’m sitting here now, finding it funny that Dave Portnoy—a guy who’s actually sticking around, being honest—is getting called a “grifter.” That’s pretty rich. And he is rich, so maybe we should focus that anger on people who join this space purely to extract value, piss on your face, and then tell you it’s raining. Get a grip, y’all. He’s not the villain here. If anything, he’s one of the few worth listening to, because he’s not trying to take your money and disappear.
Good talk, might do this more often.
Cheers.