$JAILSTOOL Fast-track Postmortem: Celebrity Tweet Sends Market Cap Soaring to $1.5 Billion in 3 Hours
Original Author: Deebs DeFi, On-chain Analyst
Original Translation: DeepTech TechFlow
This is Dave Portnoy.
This millionaire business tycoon once, in just 3 hours, pumped a meme coin to a $1.5 billion market cap.
But who is @stoolpresidente really? Is he a hero or a scammer?
Here is his full story.
Dave Portnoy, also known as "El Presidente," is an American entrepreneur famous for founding Barstool Sports.
Barstool Sports initially started as a small sports newspaper he handed out on the subway, but it later grew into a multimillion-dollar business empire.
However, Barstool is not the only reason for Dave's fame.
Dave is also a well-known internet celebrity.
He gained attention in the U.S. for his sharp pizza reviews and wild sports betting.
Therefore, it's not surprising that Dave would venture into another exciting realm, which happens to be the cryptocurrency, touted as the "world's most exciting casino."
Dave's cryptocurrency journey began with hints that he might launch a token.
However, he mentioned that he needed to learn more first.
He wanted to ensure that any token he launched would be safe and fair.
However, what happened next took everyone by surprise...
Dave started casually buying some tokens on Solana and sharing these transactions on Twitter.
He quickly discovered the money-making potential of cryptocurrency—within minutes, he turned $10,000 into $75,000.
He also candidly told everyone that he would sell these tokens.
However, this behavior has sparked discontent within the crypto community.
Many people directly called Dave a scammer, including @coffeebreak_YT.
It seems that the entire crypto community is condemning Dave.
But Dave decided to surprise everyone once again.
On February 8 at 20:41 (UTC), Dave bought a new token worth $200, named #JAILSTOOL.
Like the tokens he bought before, this was not a token he created himself.
Therefore, initially, no one paid much attention.
However, Dave started tweeting about it again.
He found this token very interesting and told investors that he would not sell in the near future.
As a result, the price skyrocketed.
However, not everyone believed Dave's words. The creator and largest holder of #JAILSTOOL were skeptical.
Several hours after Dave's tweet, the creator of #JAILSTOOL sold 20 million tokens, cashing out $50,000.
(This also caused him to miss out on over $2 million in potential gains.)
However, Dave chose not to sell his own holdings and instead bought $200,000 worth of tokens.
What happened next was predictable.
#JAILSTOOL's price experienced a crazy surge.
Within just 3 hours, JAILSTOOL's market cap soared to $1.5 billion.
Today, its market cap has surpassed $2 billion, and there is no sign of the momentum slowing down.
But the question is: What will happen next? Is this Token safe and secure? Does it have more room to grow?
About Security: From the current supply distribution perspective, JAILSTOOL's distribution seems relatively healthy.
There are a large number of holders, and there are no apparent signs of insider trading.
However, I need to remind everyone that one holder owns nearly 8% of the total supply.
This wallet and Dave himself could sell at any time.
But do I think Dave will sell immediately?
Unlikely in the short term. (Not financial advice)
Why do I say that? Because Dave has tied his cryptocurrency reputation to this Token. He surely wants to see how high this coin can go.
You can see his tweets.
If you know Dave's pizza comments, you know he is an extremely proud person.
In my view, the pride and sense of accomplishment of controlling a top Meme coin are far more important to him than a few million dollars.
So, what about the growth potential of this Token?
Let me be clear: This entirely depends on Dave's decision.
While initially he did not intend for this Token to become his "official currency," there are many reasons that could make him change his mind:
1. The legal risk is minimal. (After all, he is not the creator of this Token)
2. He has some control over the supply.
3. His fans have already made a good amount of money from it.
4. If he were to sell now, it would only damage his continually growing reputation in the crypto community.
If Dave eventually accepts this Token as his "official currency," then reaching a market cap of $1 billion is not impossible.
We have also seen successful cases of celebrity Meme coins before. (Not financial advice)
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