On April 29, 2025, the cryptocurrency market faced turmoil following a tweet from Kook Capital LLC accusing Dave Portnoy of a rug pull, leading the PORTY token to plummet by 38.7%. The price dropped from $0.0023 to $0.0014, with trading volume surging by 215% amid panic selling. By 2 PM, PORTY’s market cap fell from $12.5 million to $7.1 million, signaling lost investor confidence. Other meme coins like DOGE and SHIB also experienced minor dips. Technical indicators suggest PORTY is oversold, but bearish trends caution against immediate buying. The incident highlights the risks in celebrity-backed cryptocurrencies.
Dave Portnoy Rug Pulls Again: Impact on Crypto Traders and Market Sentiment | Flash News Detail
