Dave Portnoy’s $40k Safemoon Investment is Worth This Much Right Now

Lavina Daryanani
Source: CoinDesk

In May last year, Dave Portnoy, founder of Barstool Sports, announced his entrance into the “sh*tcoin” space with a $40,000 investment in SafeMoon.

On August 18, he confirmed on Twitter that he has diamond hands and is still holding his SafeMoon tokens. His whopping $40,000 investment was already down to $7,317.53 by then.

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The American internet celebrity took Twitter to re-announce that he still holds all of his SafeMoon tokens. The initial investment amount has, however, shrunk down to $3985.20.

Portnoy’s SafeMoon shenanigans cost him more than $36k, but is this indeed the full picture? Well, probably not.

Splashing some color on the B&W canvas

A host of people were quick to react in the comment section and bring to Portnoy’s notice that he’s still holding the non-migrated v1 tokens. SafeMoonWarrior, for instance, said,

Dave it looks like you need to migrate your SafeMoon to V2. Contact me or one of the SafeMoon scholars if you’re not sure how to do it.

Apart from that, it has been quite evident that the cryptocurrency market has chosen the tumultuous path over the past few days and is back to an under $2 trillion market cap. Amidst the aforesaid broader market chaos, the volatility in the SafeMoon market has reduced. The same has turned into a blessing in disguise for market participants.

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During the initial few days of the week, the coin’s price oscillated in the $0.0019 to $0.155 range. However, since 26 January, the fluctuations on the price chart have become less intense. In essence, the coin has witnessed only a meager 0.003% dip over the past day.

In fact, as highlighted in an article yesterday, this is one of the best times for buyers to encash on SFM’s consolidation phase.

Source: CMC

Furthermore, SafeMoon has the back of its community members and is on track to become one of the most socially appealing tokens. What’s more, the coin just entered into CoinGecko’s top 100 list recently.

So, even though Portnoy’s investment amount has witnessed an overt dunk, there are quite high chances of those numbers improving going forward. At the end of the day, diamonds are supposed to shine through the dark, right?