Dave Portnoy Buys Risk-Laden 'Dave Fartnoy' After Promoting Controversial JAILSTOOL: 'I'm In This One To Make Money'
Amid skepticism of his support for the Stool Prisondente (JAILSTOOL) token, Barstool Sports founder Dave Portnoy turned to promote another meme coin, Dave Fartnoy, on Tuesday.
What Happened: The popular social media personality took to X to shill another Solana (CRYPTO: SOL)-based meme coin that poked fun at him.
“Let's see how this works. I bought Dave Fartnoy. I got no clue who made it. It was sent to me,” Portnoy said, adding that he may sell the coin “at any moment.”
That said, he warned that getting into the coin would be a “risk” and advised his followers to only invest what they can afford to lose.
“They could rug you at any moment,” Portnoy cautioned. “No crypto bros crying when the music stops.”
Incidentally, Dave Fartnoy, trading at a wafer-thin liquidity of $5,000, plunged over 58% in the last 24 hours, according to data from Dexscreener.
Well-known cryptocurrency analyst Benjamin Cowen slammed Portnoy for promoting “useless sh*tcoins” rather than just staying quiet about it.
See Also: Man Whose $775 Million Bitcoin Fortune Lies Buried In A Landfill Now Wants To Buy The Trash Heap
Why It Matters: This move follows Portnoy’s investments in JAILSTOOL, a satirical meme coin mocking his cryptocurrency trading habits.
Portnoy spent hundreds of thousands of dollars on the token, promising not to grab early profits and expressing his commitment to the token.
Price Action: As of this writing, JAILSTOOL was trading at $0.06041, up nearly 80% in the last 24 hours, according to CoinMarketCap. Since launch, the meme coin has lost 37% of its value.
The popularity of celebrity meme coins has grown in recent months, with even President Donald Trump launching his own Official Trump (CRYPTO: TRUMP) token. Recently, controversial rapper Kanye West denied intention to launch his meme coin.
Prominent voices like Ethereum (CRYPTO: ETH) creator Vitalik Buterin have long argued against such projects, stating that they just benefit celebrities and early adopters.
Photo Courtesy: ddRender on Shutterstock.com
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Posted-In: Dave Fartnoy Dave Portnoy Meme Coins Stool PrisondenteCryptocurrency News Markets
