Dave Portnoy’s Endorsement Sends JAILSTOOL Memecoin Soaring

Dave Portnoy, the founder of digital media company Barstool Sports, triggered a price surge for JAILSTOOL, a memecoin created to call for his imprisonment, after he endorsed it in an X post on Feb. 8.

“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. I may dump it eventually, but I’ll let all you righteous losers dump on each other first. So don’t put in more than you can lose,” Portnoy said.

Not long after Portnoy’s tweet, JAILSTOOL soared to a market capitalization of over $200 million, peaking after centralized exchange Kraken listed the token for spot trading. The token has since dipped on increased selling pressure, and its market cap is currently $56 million.

However, Portnoy continues to promote the token, claiming he “won’t sell a dime till 1 billion.”

“The fact I’m still putting my own money into #jailstool cause I don’t want people losing money shows that my heart is too big for this stupid space. I need a blacker heart. Rise #jailstool rise,” he posted on Feb. 10.

Origin Story

JAILSTOOL was created on Solana memecoin launchpad PumpFun to call for the imprisonment of Portnoy after the Barstool Sports founder came under scrutiny for pumping and dumping memecoins.

Portnoy initially bought and posted about the “Montoya por favor” coin, a token named after a contestant on the Spanish reality TV show La Isla De Las Tentaciones. The token rose to an all-time high market cap of $14 million but is currently at $834,000.

Not long after, Portnoy bought a memecoin styled in the image of Buffalo Bills quarterback Josh Allen. Portnoy’s 197.77 million Josh Allen MVP token holding was worth over $300,000 when he posted it on X.

Portnoy said he turned $10,000 to $75,000 by trading both memecoins in a video on X.