Portnoy's Meme Coin Frenzy: JAILSTOOL Surges, FARTNOY Joins the Party

Dave Portnoy, the founder of Barstool Sports, took his fans on a wild ride over the weekend, trading Solana meme coins and sparking a surge in the price of a token called JAILSTOOL.

On February 7, Portnoy made nearly $70,000 trading "shitcoins" on Solana and returned the next day to invest in JAILSTOOL, a token with a ticker symbol that references his X account handle (@stoolpresidente). Despite its negative connotation, Portnoy acquired a significant amount of the token, stating that he wanted to collect it as a memento of his critics.

Portnoy initially purchased 57.16 million JAILSTOOL tokens for around $378, but later sold the entire stack for approximately 586 SOL, which was worth more than $119,000 at the time. However, he claimed that the sale was a mistake and quickly repurchased the tokens, spending more than 1,000 SOL to acquire just over 23 million tokens.

Portnoy then committed to holding JAILSTOOL until it reached a $1 billion market cap, and his promotion of the token led to a surge in its price. On Sunday, JAILSTOOL reached an all-time high of nearly $218 million in market cap, according to data from CoinGecko.

Despite the initial surge, JAILSTOOL's price quickly declined, and as of writing, it has fallen 83.6% from its all-time high. Portnoy responded to the decline by calling out "crypto experts" for taking advantage of new investors and suggested that he was considering launching his own coin.

On Monday, Portnoy continued his foray into Solana meme coins, purchasing approximately $17,000 worth of Dave Fartnoy (FARTNOY), a meme coin he described as a "cute collectible." He now holds nearly 10% of the token's total supply, with its market cap sitting around $4.4 million.