GuShiio.com Original author: Deebs DeFi, chain analyst
Compiled by: Shenchao TechFlow
This is Dave Portnoy.
The millionaire business tycoon once pushed a Meme coin to a market value of US$150 million in just three hours.
But who is @stoolpresidente? Is he a hero or a liar?
The following is his complete story.
Dave Portnoy, nicknamed “El Presidente”, is an American entrepreneur best known for his founding of Barstool Sports.
Barstool Sports started out as a small sports newspaper he distributed in the subway, but later grew into a multimillion-dollar business empire.
However, Barstool wasn’t the only reason Dave became famous.
Dave is also a well-known Internet celebrity.
He has attracted much attention in the United States for his sharp pizza reviews and crazy sports betting.
So it’s not surprising that Dave is involved in another exciting field, and this field is cryptocurrency, known as “the most exciting casino in the world.”
At the beginning of Dave’s cryptocurrency journey, he revealed that he might launch a token.
However, he said he still needs to learn more.
He wants to ensure that any tokens he launches are safe and fair.
However, what happened next surprised everyone…
Dave started buying some tokens on Solana at will and shared the actions on Twitter.
He quickly discovered the money-making potential of cryptocurrencies-in just a few minutes, he turned $10,000 into $75,000.
He also frankly told everyone that he would sell the tokens.
However, this behavior has aroused dissatisfaction in the encryption community.
Many people directly called Dave a liar, including @coffeebreak_YT.
It seems that the entire crypto community is condemning Dave.
But Dave decided to be surprised again.
At 20:41 (UTC) on February 8, Dave bought a new token worth $200, called #JAILSTOOL.
Like the tokens he bought before, this was not a token he issued himself.
Therefore, at first, no one cared.
However, Dave started tweeting again.
He found the token very interesting and told investors he would not sell it anytime soon.
As a result, prices have soared.
However, not everyone believed Dave.# The creator and largest holder of JAILSTOOL is skeptical.
A few hours after Dave tweeted, the creator of #JAILSTOOL sold 20 million tokens and cashed in $50,000.
(It also cost him more than $2 million in potential gains.)
However, Dave did not choose to dump his position, but instead increased the price and bought $200,000 worth of tokens.
You can imagine what happened next.
The price of #JAILSTOOL has seen a crazy rise.
In just three hours, JAILSTOOL’s market value soared to $150 million.
Today, its market value has exceeded US$200 million, and its momentum shows no sign of weakening.
But the question is: What will happen next? Is this Token safe and reliable? Does it have more room for growth?
Regarding safety:Judging from the current supply situation, the distribution of JAILSTOOL is still healthy.
There are many people holding coins and there are no obvious signs of insider trading.
However, I need to remind you that one holder controls nearly 8% of the total supply.
The wallet and Dave himself could be sold at any time.
But do I think Dave will sell immediately?
Not likely in the short term. (Non-financial advice)
Why do you say that? Because Dave has tied his cryptocurrency reputation to this Token. He must want to see how high this coin can rise to.
You can check out his tweets.
If you know Dave’s pizza reviews, you know he’s an extremely proud person.
In my opinion, the pride and sense of accomplishment of being able to control a top Meme coin are far more important to him than a few million dollars.
So, what is the upside for this Token?
I want to be clear:It entirely depends on Dave’s decision.
Although he did not initially plan to make this Token his “official currency”, there are many reasons that may make him change his mind:
1. The legal risk is small. (After all, he is not the creator of this Token)
2. He has some control over supply.
3. His fans have already made a lot of money from it.
4. If he sells now, it will only damage his rising reputation in the crypto community.
If Dave finally accepts this Token as his “official currency,” it is not impossible for a market value to reach US$1 billion.
We have seen success cases similar to celebrity Meme coins before. (Non-financial advice)
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