Following the recent turbulence in the crypto market due to economic uncertainties, a new meme token called Stool Prisondente [JAILSTOOL] has emerged as a focal point. A single social media post by Dave Portnoy, the founder of Barstool Sports, had a profound impact on the market.
Within a matter of hours, the token, known as “Stool Prisondente,” saw a staggering increase of more than 100% in its value.
The Memecoin Frenzy Sparked by Dave Portnoy
On February 7th, the famous sports and media figure Portnoy made headlines by making around $70,000 through trading various cryptocurrencies, which he humorously referred to as “low-value coins.”
The next day, he once again stirred up the market, focusing on JAILSTOOL, a token inspired by his online alias (@stoolpresidente).
The meme token playfully plays on the rumors surrounding Portnoy’s alleged involvement in pump-and-dump schemes.
Despite the controversy surrounding its name, Portnoy continued to engage with the token, acquiring a significant amount of Stool Prisondente and further fueling speculation about its potential.
In his own words,
“To the crypto enthusiasts out there, I find the creators of this token to be amusing, and I wish to keep it as a memento of the hysteria you caused. I may decide to sell it later on, but I’ll let all of you judgmental critics offload it amongst yourselves first.”
The Rollercoaster Journey of JAILSTOOL
Portnoy amplified the excitement around JAILSTOOL by sharing a screenshot of his disclosed Solana wallet, revealing that he had purchased 57.16 million tokens for roughly $378, as per Solscan data.
In a surprising turn of events, shortly after this revelation, he swiftly offloaded his entire stash in exchange for 586 SOL, amounting to over $119,000 at current market rates.
Following a backlash from the community regarding his significant sell-off, Portnoy attributed the move to an error, adding another layer of unpredictability to the meme coin frenzy.
After the unexpected divestment, Portnoy re-entered the market and spent over 1,000 SOL (equivalent to $200,000) to repurchase just over 23 million JAILSTOOL tokens, less than half of his initial holdings.
Justifying his actions, he portrayed himself as a “generous and valiant crypto figure,” framing his decision as a benevolent gesture rather than a trading misstep.
The Market Trajectory of JAILSTOOL
Despite his unwavering commitment, pledging not to offload a single JAILSTOOL token until it reaches a market cap of $1 billion, the token has witnessed a substantial decline, plummeting by 83.6% from its peak.
This significant drop prompted a passionate monologue on his daily trading show, where he criticized “crypto experts” for allegedly taking advantage of novice investors interested in the token.
At the time of writing, the latest data from CoinGecko indicates that JAILSTOOL has registered an additional 57.1% decrease in value over the past 24 hours.
Meanwhile, the broader frenzy surrounding meme coins is evolving, with Raj Gokal, one of the co-founders of Solana, and other prominent figures in the crypto sphere hinting that the hype might transition towards technological IPOs in the near future.