- Dave Portnoy’s endorsement caused the JAILSTOOL token to surge 119,000% before listings on major exchanges boosted demand.
- The token’s price later crashed 80% due to volatility and fears of whale-driven sell-offs.
- Portnoy’s stance on risky trading and the token’s lack of real utility has raised concerns about its long-term stability.
In a whirlwind turn of events, Stool Prisondente (JAILSTOOL), a newly launched meme coin, skyrocketed by 119,000% after Dave Portnoy endorsed it, sparking a mix of hype, market chaos, and growing skepticism.
Portnoy’s Influence and Surge
Portnoy’s social media post pledging to add liquidity with each market cap milestone drove an instant price surge, followed by listings on major exchanges like Kraken that boosted demand further.
Market Crash and Volatility
Despite the early rally, JAILSTOOL’s price plummeted 80% within 24 hours amid heightened volatility, with on-chain analysts warning that whale-controlled holdings pose a risk of sudden sell-offs.
Investor Sentiment and Risks
Portnoy’s unapologetic stance on pumping and dumping, combined with limited real-world utility for the token, raises doubts about long-term momentum, urging investors to approach with caution.
