Dave Portnoy, known for his outspoken and flamboyant nature, has been a famous personality in the crypto industry. Amid this popularity comes controversy as the influencer believes in profit, even if it comes at the stake of other investors’ losses. The testament to this statement comes from his dumping of tokens to earn profits. However, his endorsement of the JAILSTOOL meme coin has put him more in the limelight, where he recently promised to reinvest $1M. However, despite the efforts, the JAILSTOOL price crashed 40%, and here’s why.
JAILSTOOL Price Meteoric Rise and Fall
The Stool Prisondente (JAILSTOOL) meme coin started as a viral sensation, and Dave Portnoy endorsed it right after its launch. More importantly, he committed to investing $1M into the token and continuously tweeted to pump its price.
With that, the JAILSTOOL price surged $119,000% within five hours and set an ATH at $0.2179. Not only that, many influencers and internet personality interactions favored its meteoric rise.
However, a downtrend soon followed as investors’ interest began to shift. More importantly, volatility took over the token, with profit takers and whales selling. Sources reveal that in the last 24 hours, 85 whales sold $878.90K worth of JAILSTOOL tokens.
Even Dave Portnoy got involved in the LIBRA meme coin scam, sparking concerns over the credibility of newly launched meme coins. With Portnoy being a controversial factor, Stool Presidente’s price struggles.
Portnoy Commits $1M Reinvestment But JAILSTOOL Drops 40%
Dave Portnoy’s interest in the JAILSTOOL has been a favorable factor for this token, but over time, the interest has shifted. More importantly, investors are concerned about Portnoy’s intention in the token, especially considering his stake in dumping practices.
Amid this, the JAILSTOOL downtrend continued, resulting in a 40% price drop. Considering the downfall and holders’ targeting of Portnoy for it, he tweeted to explain his side. In an X post, Portnoy claims he has supported the token and wishes to do the same instead of dumping it now.
Portnoy has again committed to investing $1M into the token once it hits a significant threshold before asking holders to stop giving him guilt trips. However, the boost failed, and the downtrend continued.
What’s Next?
Stool Prisondentes’ performance reminds us of how volatility rules the meme coins market. The JAILSTOOL token price soared with Dave Portnoy’s initial endorsement but crashed with the shift in investors ‘ sentiments.
Even when Portnoy committed to reinvesting $1M, the token failed to change its trajectory from bearish to bullish. The decline could continue if the token fails to regain momentum, especially considering the slow markets.
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