Barstool Sports activities founder Dave Portnoy couldn’t get sufficient of the Solana meme coin trenches on Friday—and solely dug in deeper over the weekend.
The sports activities and media character made practically $70,000 buying and selling “shitcoins” on February 7, and got here again to the trenches the subsequent day, taking a selected curiosity in a token named “Stool Prisondente” that makes use of the ticker JAILSTOOL.
Named after his X account deal with (@stoolpresidente), the token ticker makes mild of Portnoy being behind bars for alleged pump-and-dump antics the day earlier than. However regardless of the unfavourable connotation, Portnoy acquired a large bag of the token.
“Hey crypto bros, I feel whoever made this coin is humorous and I need to accumulate it as a reminiscence of you bitches crying like little infants,” he posted on X on Saturday at 4pm ET.
Alongside the message, he shared a screenshot of his beforehand doxxed Solana pockets with 57.16 million JAILSTOOL tokens that he acquired for round $378, in keeping with Solana block explorer, Solscan.
Shortly after his submit, he dumped the total stack, buying and selling the 57.16 million JAILSTOOL tokens for about 586 SOL—greater than $119,000 on the present value.
However this sale, Portnoy claimed, was a mistake.
“Fast replace. I unintentionally offered my JAILSTOOL taking a piss,” he posted.
Portnoy rapidly repurchased the total quantity after which some, spending greater than 1,000 SOL ($200,000 price) to repurchase simply over 23 million tokens, lower than half his authentic stack. In doing so, Pornoty cited his purported humanitarian nature, describing himself as a “benevolent and heroic crypto Caesar.”
Since that point, Portnoy has not offered one other JAILSTOOL token, as an alternative rallying round it and remaining dedicated to not promoting till the token reaches not less than “a $1 billion market cap.”
After an preliminary spike and lull on Saturday evening, JAILSTOOL surged to a greater than a $100 million market cap as Portnoy promoted its virality—and known as out those that didn’t imagine or offered the token. The token greater than doubled once more on Sunday, reaching an all time excessive of practically $218 million market cap in keeping with knowledge from CoinGecko.
Amid its Sunday surge, the outspoken founder dropped a merch line, promising to buy extra JAILSTOOL with the proceeds and made a dedication to buy $100,000 price of the token for each $100 million in market cap it achieved as much as $1 billion.
However not one of the antics have been sufficient. Regardless of minor pumps with every announcement submit and a spot buying and selling itemizing on centralized alternate Kraken, JAILSTOOL descended swiftly from its peak.
As of writing, the token has declined 83.6% from its all time excessive, which helped gasoline an impassioned rant by Portnoy on his day by day buying and selling present through which he known as out “crypto specialists” for benefiting from new individuals making an attempt to purchase the JAILSTOOL token.
On the present, Portnoy advised that he’s “nonetheless contemplating doing his personal coin,” which solely additional accelerated the downward value motion of his newly adopted token.
On Friday, crypto media character Nick O’Neill alleged that the Barstool Sports activities founder was working with crypto protocol Meteora on his personal token—an allegation that Portnoy rapidly denied.
JAILSTOOL is now buying and selling at $0.036, down 77% within the final 24 hours. Portnoy has nonetheless not offered any tokens, and sits on a $264,000 loss at current time in keeping with DexScreener.
Portnoy continued his foray within the Solana meme coin trenches into Monday afternoon, buying roughly $17,000 price of Dave Fartnoy (FARTNOY)—a meme coin he “thought was a cute collectible,” per an X submit. He holds practically 10% of the token’s whole provide, with the token’s market cap sitting round $4.4 million at current.
Edited by Andrew Hayward
Every day Debrief E-newsletter
Begin day by day with the highest information tales proper now, plus authentic options, a podcast, movies and extra.
