Kraken has listed Stool Prisondente (JAILSTOOL) meme coin as it surged in value on Sunday, fueled by David Portnoy’s promotion and merchandise release.
By Parth Dubey
Edited by Julia Sakovich
Updated
3 mins read
Stool Prisondente (JAILSTOOL), a meme coin inspired by Barstool Sports founder David Portnoy, has been listed on the major crypto exchange Kraken. The move follows a meteoric rise in the token’s value over the past 24 hours.
Initially seen as a playful jab at Portnoy’s controversial trading antics, the token reached a peak market capitalization of over $267 million before stabilizing near $95 million.
Portnoy promoted the token after drawing criticism for publicly sharing trades involving two other meme coins on Friday. “I turned like 10 grand into like 75 grand,” he stated in a post on X and added: “Do you go to jail for this?”
The comment led to a wave of backlash, with some accusing him of potential market manipulation. Users suggested Portnoy refrain from tweeting about trades to avoid allegations of influencing markets.
One user “livingwithwill” explained that trading and posting about meme coins is “less about legality and more about morality.” “The reality is you’d be dumping on people who are buying because of the trust in you/your brand,” they explained.
However, not all feedback was negative. Crypto investor Redbeard questioned the legal implications of trading meme coins. “If meme coins are collectibles, like baseball cards, how is it illegal? Not arguing that what he did is legal, just saying we need some legal clarity,” he remarked.
JAILSTOOL is currently trading around $0.095, up 16% in the past one hour. This follows the token’s surge to $0.228 on Sunday after Portnoy posted about the token and also released Jailstool-themed merchandise. His wallet currently holds around 28.3 million JAILSTOOL tokens, worth around $2.63 million.
Meme coins, often criticized by industry veterans, have become a hallmark of speculative crypto trading. In January, US President Donald Trump launched his own meme coin on Solana, called OFFICIAL TRUMP TRUMP $8.10 24h volatility: 4.2% Market cap: $1.62 B Vol. 24h: $540.48 M . While the token quickly gained traction, it also reignited concerns over the ease of monetizing crypto hype.
Meme coin launchpad platforms like Pump.Fun have made it easier than ever to launch these tokens, often requiring no coding expertise. However, the simplicity of creating meme coins has resulted in a rise in scams, including rug pulls and pump-and-dump schemes.
Meme coins generally fall outside traditional legal definitions, making compliance and investor protection challenging. Regulators around the world are increasingly scrutinizing these tokens, imposing varied obligations across jurisdictions.
It remains to be seen whether this latest craze will fade or rise, but for now, the JAILSTOOL token’s listing on Kraken signals that even the wildest ideas in crypto can gain mainstream attention.
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A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
