Barstool Sports founder Dave Portnoy couldn’t get enough of the Solana meme coin trenches on Friday—and only dug in deeper over the weekend.
The sports and media personality made nearly $70,000 trading “shitcoins” on February 7, and came back to the trenches the next day, taking a particular interest in a token named “Stool Prisondente” that uses the ticker JAILSTOOL.
Named after his X account handle (@stoolpresidente), the token ticker makes light of Portnoy being behind bars for alleged pump-and-dump antics the day before. But despite the negative connotation, Portnoy acquired a sizable bag of the token.
He pumped and dumped Solana meme coins today for $68K in profit. Welcome to the trenches, Mr. Dave Portnoy.
The Barstool Sports founder today took to X (formerly Twitter) to reveal to the world that he’s learned how to trade shitcoins, and doxxed his Solana wallet to the public in the process.
“Uh oh. Davey learned how to trade shitcoin and is already up a billion percent on my 1st one!!!!!!,” he posted alongside a screenshot of a Phantom wallet with 2.68 million MONTOYA tokens—a meme coin base...
“Hey crypto bros, I think whoever made this coin is funny and I want to collect it as a memory of you bitches crying like little babies,” he posted on X on Saturday at 4pm ET.
Alongside the message, he shared a screenshot of his previously doxxed Solana wallet with 57.16 million JAILSTOOL tokens that he acquired for around $378, according to Solana block explorer, Solscan.
Shortly after his post, he dumped the full stack, trading the 57.16 million JAILSTOOL tokens for approximately 586 SOL—more than $119,000 at the current price.
But this sale, Portnoy claimed, was a mistake.
“Quick update. I accidentally sold my JAILSTOOL taking a piss,” he posted.
Portnoy quickly repurchased the full amount and then some, spending more than 1,000 SOL ($200,000 worth) to repurchase just over 23 million tokens, less than half his original stack. In doing so, Pornoty cited his purported humanitarian nature, describing himself as a “benevolent and heroic crypto Caesar.”
Since that time, Portnoy has not sold another JAILSTOOL token, instead rallying around it and remaining committed to not selling until the token reaches at least “a $1 billion market cap.”
After an initial spike and lull on Saturday night, JAILSTOOL surged to a more than a $100 million market cap as Portnoy promoted its virality—and called out those who didn’t believe or sold the token. The token more than doubled again on Sunday, reaching an all time high of nearly $218 million market cap according to data from CoinGecko.
An Alabama man pleaded guilty on Monday to helping hack the SEC's X (formerly Twitter) account in January 2024 in an attempt to mislead the market about spot Bitcoin ETF approvals.
Eric Council, a 25-year-old resident of Athens, Alabama, admitted that he was guilty of a conspiracy to commit aggravated identity theft and access device fraud in the U.S. District Court for the District of Columbia, per Bloomberg.
Council’s attorney, Dwight Crawley, was unavailable for confirmation or comment. A pho...
Amid its Sunday surge, the outspoken founder dropped a merch line, promising to purchase more JAILSTOOL with the proceeds and made a commitment to purchase $100,000 worth of the token for every $100 million in market cap it achieved up to $1 billion.
But none of the antics were enough. Despite minor pumps with each announcement post and a spot trading listing on centralized exchange Kraken, JAILSTOOL descended swiftly from its peak.
As of writing, the token has declined 83.6% from its all time high, which helped fuel an impassioned rant by Portnoy on his daily trading show in which he called out “crypto experts” for taking advantage of new people trying to buy the JAILSTOOL token.
President Donald Trump’s official Solana meme coin–TRUMP–has reached a price not seen since just hours after its launch, as trading volumes of the token slide to new lows.
The President’s meme coin dipped to $14.86 late Sunday, marking the lowest price notched by CoinGecko since early on January 18, just hours after the token was launched by Trump a couple hours ahead of his inauguration.
TRUMP is down 2.6% in the last 24 hours while other major crypto assets like Bitcoin and Dogecoin have rema...
On the show, Portnoy suggested that he’s “still considering doing his own coin,” which only further accelerated the downward price movement of his newly adopted token.
On Friday, crypto media personality Nick O’Neill alleged that the Barstool Sports founder was working with crypto protocol Meteora on his own token—an allegation that Portnoy quickly denied.
JAILSTOOL is now trading at $0.036, down 77% in the last 24 hours. Portnoy has still not sold any tokens, and sits on a $264,000 loss at present time according to DexScreener.
Portnoy continued his foray in the Solana meme coin trenches into Monday afternoon, purchasing approximately $17,000 worth of Dave Fartnoy (FARTNOY)—a meme coin he "thought was a cute collectible," per an X post. He holds nearly 10% of the token's total supply, with the token's market cap sitting around $4.4 million at present.
Edited by Andrew Hayward
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