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Poloniex Lists Stool Prisondente, a Solana-Based Meme Coin
Poloniex has listed the Stool Prisondente (JAILSTOOL) token, with trading against USDT starting on February 11 at 07:00 UTC. Withdrawals will be available the next day, on February 12. This listing follows recent additions on MEXC and Kraken.
Background and Price Movement
The Stool Prisondente token is a Solana-based meme coin that humorously references Barstool Sports founder Dave Portnoy. The token gained significant traction after Portnoy shared his foray into meme coin trading with his X followers.
On Friday, Portnoy shared how he had turned a modest investment of around $10,000 into a profit of $75,000. This fueled the hype, pushing the JAILSTOOL token to a market cap of over $267 million at its peak. As Portnoy stated, “It’s so stupid, it may be foolproof.”
“It’s so stupid, it may be foolproof.”
Portnoy’s promotion of the meme coin led to it being listed on major exchanges like Kraken and MEXC. However, the value of the token took a sharp downturn, dropping to approximately $34 million at the time of writing.
Tips for Investing in Meme Coins
Before investing in meme coins, consider the following:
- Conduct thorough research on the project and its community.
- Understand the risks associated with investing in highly volatile assets.
- Set a budget and stick to it to avoid significant losses.
- Keep an eye on market trends and be prepared to adapt your investment strategy.
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