Kraken Lists Meme Coin JAILSTOOL Following Significant Market Surge
Stool Prisondente (JAILSTOOL), a meme coin inspired by Barstool Sports founder David Portnoy, has been listed on Kraken. The token experienced a significant price surge, reaching a peak market cap of over $267 million before stabilizing around $95 million.
Key Developments
- Portnoy promoted JAILSTOOL following criticism for sharing trades involving other meme coins.
- His statement about turning $10,000 into $75,000 prompted backlash and accusations of market manipulation.
- Some community members called for legal clarity regarding the trading of meme coins.
- Currently, JAILSTOOL trades at approximately $0.095, up 16% in the last hour.
- Portnoy's wallet contains about 28.3 million JAILSTOOL tokens, valued at roughly $2.63 million.
Meme Coin Landscape
- Meme coins are criticized for their speculative nature and risk of scams, including rug pulls and pump-and-dump schemes.
- Launching meme coins has become easier with platforms like Pump.Fun, attracting scrutiny from regulators.
- The future of meme coins remains uncertain, but JAILSTOOL’s Kraken listing indicates potential for mainstream interest.