{"id":11399,"date":"2025-02-05T06:01:34","date_gmt":"2025-02-05T06:01:34","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=11399"},"modified":"2025-02-05T06:01:34","modified_gmt":"2025-02-05T06:01:34","slug":"barstools-dave-portnoy-buys-the-xrp-dip-drops-1-million-bet","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=11399","title":{"rendered":"Barstool\u2019s Dave Portnoy Buys The XRP Dip: Drops $1 Million Bet"},"content":{"rendered":"
\n

Barstool Sports founder and social media personality Dave Portnoy has doubled down on his crypto investments, revealing during a livestream on February 3 that he purchased an additional $1 million worth of XRP.<\/p>\n

Why XRP?<\/h2>\n

Portnoy, known for his unapologetic approach to trading and gambling, made the announcement as he discussed Monday\u2019s market\u2019s downturn. \u201cOkay, here\u2019s my announcement. I just bought another million of XRP,\u201d he said<\/a>.<\/p>\n

This isn\u2019t the first time Portnoy has made waves with a high-stakes crypto investment. In mid-December 2024, he disclosed on a livestream that he had already accumulated $1.3 million worth of XRP, alongside $1.5 million in Bitcoin.<\/p>\n

During that livestream, Portnoy expressed his frustration with missing out on early rallies but maintained his commitment to long-term holds rather than active trading. \u201cI know XRP is up over 400%\u2026 I\u2019m always late to these runs. I\u2019m just gonna bet it and set it. I\u2019m not trading, I\u2019m just gonna hold it.\u201d<\/p>\n

His investment philosophy appears to lean toward high-risk, high-reward plays, with XRP being his chosen asset for outsized gains. \u201cAs a gambler myself, I want the 10X coin like XRP. Bitcoin won\u2019t do that anytime soon.\u201d<\/p>\n

Portnoy\u2019s first purchase coincided with the launch of RLUSD (Ripple USD)<\/a>, a stablecoin aimed at enhancing liquidity within the ecosystem. Acknowledging the growing excitement around RLUSD, Portnoy highlighted XRP\u2019s speculative potential.<\/p>\n

Ripple\u2019s legal battle with the SEC has been a crucial factor contributing to the price surge in the past months. Many traders, including Portnoy, see the asset as a high-risk, high-reward bet due to the ongoing regulatory developments, potentially an end to the case under the new SEC chairman Paul Atkins<\/a>.<\/p>\n

Portnoy\u2019s latest $1 million acquisition came amid Monday\u2019s market pullback, with Bitcoin and altcoins experiencing a sharp drop followed by steep recovery rallies. The altcoin saw a sharp decline after a multi-month surge, but printed a highly bullish daily candle with a 32% wick.<\/p>\n

The downturn can be attributed to the market\u2019s reaction<\/a> to President Donald Trump\u2019s implementation of tariffs on imports from Mexico and Canada. The announcement of these tariffs, which included a 25% tariff on goods from both nations and a 10% tariff on Canadian energy and oil, sent shockwaves through the entire financial market.<\/p>\n

This drop was part of a broader crypto market correction, with Bitcoin also falling as low as $91,200, and other altcoins like Ethereum and Dogecoin seeing double-digit plunges. The crypto market faced over $2 billion in liquidations, highlighting the panic and uncertainty these tariffs introduced into the market. However, the reversal was quick when Trump announced the first deal with Mexico.<\/p>\n

At press time, XRP traded at $2.66.<\/p>\n

\"XRP<\/div>\n","protected":false},"excerpt":{"rendered":"

Barstool Sports founder and social media personality Dave Portnoy has doubled down on his crypto investments, revealing during a livestream on February 3 that he purchased an additional $1 million worth of XRP. Why XRP? Portnoy, known for his unapologetic approach to trading and gambling, made the announcement as he discussed Monday\u2019s market\u2019s downturn. \u201cOkay, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-11399","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/11399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11399"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/11399\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}