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 almost $70,000 buying and selling “shitcoins” on February 7, and got here again to the trenches the following 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 damaging 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 line with Solana block explorer, Solscan.
Shortly after his publish, he dumped the total stack, buying and selling the 57.16 million JAILSTOOL tokens for roughly 586 SOL—greater than $119,000 on the present value.
However this sale, Portnoy claimed, was a mistake.
Fast replace. I by accident offered my #jailstool taking a piss. However being the humanitarian I’m I immediately put my complete solana account again into it trigger I stated I used to be holding. I’m a benevolent and heroic crypto ceaser. So is life within the Coluseum
— Dave Portnoy (@stoolpresidente) February 8, 2025
“Fast replace. I by accident 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 unique 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 a substitute 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 night time, JAILSTOOL surged to a greater than a $100 million market cap as Portnoy promoted its virality—and referred to 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 almost $218 million market cap in line 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 publish and a spot buying and selling itemizing on centralized trade 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 wherein he referred to as out “crypto consultants” for making the most of new individuals attempting to purchase the JAILSTOOL token.
On the present, Portnoy instructed 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 line with DexScreener.
Let’s see how this works. I purchased Dave Fartnoy. I bought no clue who made it. It was despatched to me. I believed it was a cute collectible. I could maintain it for a bit. I could promote it at any second. Shopping for it’s a threat. I’m on this one to become profitable. I bought no clue who owns it. They… pic.twitter.com/XAQHcetiev
— Dave Portnoy (@stoolpresidente) February 10, 2025
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 publish. He holds almost 10% of the token’s complete provide, with the token’s market cap sitting round $4.4 million at current.
Edited by Andrew Hayward
