• Dave Portnoy's JAILSTOOL memecoin soared 55,000% in value within 24 hours

• The memecoin's market cap jumped from less than $1 million to $238 million

• Portnoy faced backlash for allegedly "dumping" tokens after promotion

New York pizza connoisseur who also happens to be worth $100 million has just pushed a new memecoin to gain over 20,000% in value in just 24 hours.

Dave Portnoy, founder of the sports media platform “BarStool” and well-known social media personality, began posting on Friday about his newfound interest in memecoin investment. The businessman began by boasting about making over a “billion percent” in a new memecoin project.

Given the size of his following, Portnoy’s posts generated a lot of attention to these new SOL-based tokens. However, after quickly selling out his profits, the cryptocurrency community began accusing him of “pumping and dumping” the tokens shortly after promoting them.

In true Portnoy fashion, he then decided to double down on his take, announcing that he'd be investing in a new memecoin on Pump.Fun. The memecoin in question, StoolPrisondente (JAILSTOOL), alludes to the imprisonment of the BarStool founder, which he himself admitted was pretty funny.

No one expected that the memecoin would gain so much hype after these events. And yet, JAILSTOOL went as far as to gain over 37,000% in value in just 24 hours, making it one of the most profitable digital assets of the weekend.

Since then, the currency retracted, but even so, Dave Portnoy’s funds are still up 26,000% since announcing it on Twitter. In that same time period, JAILSTOOL's market cap went from less than $1 million on February 8 to over $238 million during its peak on Sunday.

As a warning to his fans, Portnoy let the public know that he doesn't intend to hold his $JAILSTOOL tokens indefinitely, emphasizing that the community should only invest what they'd be willing to lose.

The BarStool founder has warned on social media that he doesn’t plan on holding the coin indefinitely, letting fans know that they should only invest what they’re comfortable with losing. 

Is JailStool Safe to Invest?

Given the project is less than a week old, it is still very early to say. Jailstool still lacks a lot of information that could reassure investors. However, given the token was launched on Pump.Fun, meaning it was launched with no presale and no team allocation. 

However, the token lacks basic info such as even a website. For risk-friendly investors who like to bet in the new memecoin territory, it may be worth it as Portnoy continues to promote the currency on his X account several times a day.

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