Dave Portnoy Takes His Fans on a Wild Ride With Solana Meme Coin Jailstool

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.

“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.

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.

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