Dave Portnoy Promotes 'JAILSTOOL' Token After Memecoin Backlash

Barstool Sports founder Dave Portnoy has stirred controversy once again, this time over his involvement in memecoin trading. After discussing his crypto trades on X (formerly Twitter), some traders accused him of dumping coins on his 3.5 million followers. In response, Portnoy doubled down by purchasing over 50 million ‘JAILSTOOL’ tokens.

Portnoy’s Crypto Trades Spark Backlash

Portnoy initially dabbled in a memecoin inspired by a contestant from the Spanish reality show La Isla De Las Tentaciones, called “Montoya por favor.”

“Uh oh. Davey learned how to trade shitcoin and is already up a billion percent on my 1st one!!!!!!” he posted on X. The token surged to a $14 million market cap before crashing to around $1 million.

Next, he turned his attention to “Josh Allen MVP,” a memecoin named after Buffalo Bills quarterback Josh Allen. “Buy at your own risk. I just bought it. I’m gonna sell it. Don’t buy what ya can’t lose,” he warned. Despite briefly soaring to a $12 million market cap, the token soon plummeted to just $58,000.

Facing Criticism, Portnoy Fires Back

The wild price swings triggered backlash, with critics accusing Portnoy of using his influence to pump and dump memecoins. However, he defended his actions in a series of videos, insisting he was being transparent.

“I turned like 10 grand total into like 75 grand... I don’t even know what I’m doing with my life,” he said. “Do you go to jail for this? Can I not do this?”

Enter ‘JAILSTOOL’

Rather than backing down, Portnoy responded by promoting the ‘JAILSTOOL’ token on X and in live discussions.

“I may dump it eventually, but I’ll let all you righteous losers dump on each other first,” he joked. “So don’t put in more than you can lose.” He clarified that ‘JAILSTOOL’ isn’t his “end-game coin” but something to watch and experiment with.

Portnoy’s History with Crypto

Portnoy has previously dabbled in crypto, most notably with Safemoon—a token whose founders were later accused of fraud by the SEC. Reflecting on that experience, he quipped, “I’m the only guy who loses all his money in [Safemoon] and gets sued for it.”

His history with crypto dates back to 2020, when he live-streamed himself day trading digital assets. At the time, he remarked, “The thing I like about pump and dumps in crypto is it’s encouraged.”

The Takeaway

Portnoy’s latest crypto antics have once again put him in the spotlight, drawing both criticism and amusement. While he insists he’s simply having fun and being upfront about his trades, his involvement continues to fuel debate over the ethics of influencer-driven crypto speculation.