The cryptocurrency exchange Poloniex has announced the listing of the meme coin Stool Prisondente (JAILSTOOL), built on the Solana blockchain.
Deposits and Trading Begin
Deposits for JAILSTOOL opened on February 11, 2025, at 05:00 UTC, with trading against USDT starting two hours later at 07:00 UTC. Withdrawals will be available from February 12, 2025, at 05:00 UTC.
Popularity Surge and Dave Portnoy's Involvement
This Solana-based meme coin, inspired by Dave Portnoy, founder of Barstool Sports, surged in popularity after the media personality openly discussed his venture into meme coin trading with his followers on X. Portnoy recently revealed that he had turned a $10,000 investment into a $75,000 profit, which sparked excitement around JAILSTOOL and drove its market cap to a peak of over $267 million. In a video posted on X, Portnoy described JAILSTOOL as 'so stupid, it may be foolproof.'
Value Decline and Market Reaction
However, the excitement was short-lived, as JAILSTOOL’s value saw a steep decline, with its market cap plunging to around $34 million, according to CoinMarketCap. This development reflects a broader trend in the crypto market of listing highly speculative tokens.
The listing of JAILSTOOL on Poloniex illustrates the increasing interest in speculative crypto tokens but also highlights the risks associated with their high volatility.
