First there was Fartcoin, then there was the Official Trump, now welcome Jailstool to the meme coin arena.
Jailstool, a memecoin created in reference to memecoin traders calling for Barstool founder and President Dave Portnoy to be jailed for pumping another memecoin, has skyrocketed over the weekend after Portnoy got behind the coin and promoted it to his social media followers. The mania, however, has died down somewhat, with the coin trading lower since surging to all-time highs on Sunday.
Memecoin trading platform Moonshot shows that the Jailstool memecoin is up over five hundred thousand percent in just a few days - yes, you read that right, +500,000%.
The coin last traded at around $0.08, with a market cap of around $80 million. It has gone down 30% over the last 24 hours.
Portnoy claimed he won’t sell any of his 27.63 million coins until it hits $500 million in market cap.
The rise in Jailstool comes as the memecoin market has been decimated over the past few weeks. According to Cointelegraph, over $47 billion has been wiped out from the memecoin space in the past three weeks.
One big decliner over this period is the Investing.com OFFICIAL TRUMP Index memecoin. After launching with a bang 24 days ago, it is down 78% from its all-time high after. The Official Trump coins still commands an impressive market cap of $16.2 billion, including coins not currently trading.
Hedge fund legend David Einhorn of Greenlight Capital recently referenced that we have reached the "Fartcoin stage of the market cycle." Well, now we are in the Jailstool stage.