JAILSTOOL plunges 57% in a day— Why Dave Portnoy blames crypto insiders

• Portnoy’s JAILSTOOL investment surged, crashed, and sparked controversy over alleged pump-and-dump tactics.
• Memecoin hype shifts as Solana’s Raj Gokal predicts a transition to tech IPOs.

As the cryptocurrency market rebounds from Trump’s tariff war turmoil, a new memecoin— Stool Prisondente [JAILSTOOL]—has taken center stage. A single tweet from Barstool Sports founder Dave Portnoy sent shockwaves through the market.

The token, dubbed “Stool Prisondente,” surged by over 100% within hours.

Dave Portnoy’s memecoin chaos

The sports and media personality Portnoy made headlines on the 7th of February, raking in nearly $70,000 from trading what he called “shitcoins.”

The following day, he returned to the frenzy, showing particular interest in JAILSTOOL, a token inspired by his X (formerly Twitter) handle (@stoolpresidente).

The memecoin playfully references speculation about Portnoy facing consequences for alleged pump-and-dump tactics.

However, despite the controversy surrounding its name, Portnoy didn’t shy away—he acquired a sizable bag of Stool Prisondente, further amplifying the hype around the token.

He said,

“Hey crypto bros I think whoever made this coin is funny and I want to collect it as a memory of you crying like little babies.  I may dump it eventually but I’ll let all you righteous losers dump on each other first.” 

JAILSTOOL’s wild ride

Portnoy fueled the JAILSTOOL hype by sharing a screenshot of his doxxed Solana wallet. He revealed that he had acquired 57.16 million tokens for around $378, according to Solscan.

Shortly after his post, he made a drastic move, dumping his entire holding in exchange for 586 SOL, worth over $119,000 at current prices.

As the community reacted to his massive sell-off, Portnoy claimed the sale was a mistake, adding more chaos to the memecoin frenzy.

Source: Dave Portnoy/X

Following the unexpected sell-off, Portnoy re-entered the market, spending over 1,000 SOL ($200,000) to buy back just over 23 million JAILSTOOL tokens, less than half of his original holdings.

Justifying his decision, he dubbed himself a “benevolent and heroic crypto Caesar,” portraying his move as an act of goodwill rather than a trading blunder.

JAILSTOOL’s market trend

Since then, Portnoy has remained steadfast in his commitment, vowing not to sell a single JAILSTOOL token until it reaches “a $1 billion market cap.”

However, despite Portnoy’s enthusiasm, JAILSTOOL has faced a steep decline, plunging 83.6% from its all-time high.

This sharp drop fueled a rant on his daily trading show, where he lashed out at “crypto experts” for allegedly exploiting newcomers trying to invest in the token.

As of the latest update, at press time, JAILSTOOL was down by another 57.1%, in the past 24 hours, according to CoinGecko.

Meanwhile, the broader memecoin frenzy is evolving, with Solana co-founder Raj Gokal and other top crypto investors suggesting that the hype may soon transition into “tech IPOs.”