What is the potential for this token to rise? That entirely depends on Dave's decision.
Author: Deebs DeFi
Compiled by: Deep Tide TechFlow
This is Dave Portnoy.
This millionaire business mogul has, in just 3 hours, pushed a meme coin to a market cap of $150 million.
But who exactly is @stoolpresidente? Is he a hero or a fraud?
Here is his complete story.
Dave Portnoy, nicknamed 'Mr. President (El Presidente)', is an American entrepreneur known for founding Barstool Sports.
Barstool Sports started as a small sports newspaper he distributed in the subway, but later developed into a multi-million dollar business empire.
However, Barstool isn't the only reason Dave became famous.
Dave is also a well-known influencer.
He gained attention in the US for his sharp pizza reviews and wild sports betting.
Therefore, it is not surprising that Dave has plunged into another thrilling field, which is the cryptocurrency that claims to be 'the most exciting casino in the world.'
Dave's cryptocurrency journey began when he hinted that he might launch a token.
However, he stated that he still needs to learn more.
He wants to ensure that any token he launches is safe and fair.
However, what happened next caught everyone by surprise...
Dave began casually buying some tokens on Solana and sharing these moves on Twitter.
He quickly discovered the profit 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 dissatisfaction within the crypto community.
Many people directly call Dave a fraud, including @coffeebreak_YT.
It seems the entire crypto community is denouncing Dave.
But Dave decided to surprise everyone again.
At 20:41 (UTC) on February 8, Dave bought $200 worth of a new token called #JAILSTOOL.
Like the tokens he bought before, this is not a token he issued himself.
Therefore, initially, everyone did not pay much attention.
However, Dave started tweeting again.
He finds this token very interesting and told investors he wouldn't sell in the near future.
As a result, the price skyrocketed.
However, not everyone believes Dave's words. The creator and largest holder of #JAILSTOOL are skeptical.
Hours after Dave tweeted, the creator of #JAILSTOOL sold 20 million tokens, cashing out $50,000.
However, Dave chose not to sell his holdings; instead, he doubled down and bought $200,000 worth of tokens.
What happened next is predictable.
#JAILSTOOL's price has seen a surge.
In just 3 hours, the market cap of JAILSTOOL skyrocketed to $150 million.
Today, its market cap has surpassed $200 million, and there are no signs of slowing down.
But the question is: what happens next? Is this token safe? Does it have more room to rise?
On safety: from the current supply situation, the distribution of JAILSTOOL seems healthy.
There are many holders, and there are no obvious signs of insider trading.
However, I need to remind everyone that there is one holder who controls nearly 8% of the total supply.
This wallet, along with Dave himself, could sell at any time.
But do I think Dave will sell immediately?
It seems unlikely in the short term. (Not financial advice)
Why do I say this? Because Dave has tied his cryptocurrency reputation to this token. He surely wants to see how high this coin can go.
You can take a look at his tweets.
If you know Dave's pizza reviews, you would know he is an extremely proud person.
In my opinion, the pride and sense of achievement from controlling a top meme coin is far more important to him than a few million dollars.
So, what is the potential for this token to rise?
I want to be clear: it totally depends on Dave's decision.
Although he initially did not intend for this token to become his 'official currency', there are many reasons that might change his mind:
The legal risks are minimal. (After all, he is not the creator of this token.)
He has some control over the supply.
His fans have already made a lot of money from it.
If he sells now, it would only hurt his growing reputation in the crypto community.
If Dave eventually accepts this token as his 'official currency', then a market cap of $1 billion is not impossible.
We've seen similar success stories with celebrity meme coins before. (Not financial advice)