Dave Portnoy Faces Backlash Over Promotion of Risky Meme Coins

The Barstool Sports founder has been criticized for endorsing volatile tokens like JAILSTOOL and FARTNOY, warning followers to invest cautiously.

Dave Portnoy has actively promoted several meme coins, including JAILSTOOL and FARTNOY, despite their high volatility and limited liquidity.
Portnoy has made significant profits from trading tokens but faced accusations of dumping holdings on followers while defending his transparency.
JAILSTOOL, initially backed by Portnoy, saw a meteoric rise to a $218 million market cap before crashing by over 83%, leaving Portnoy with substantial losses.
Portnoy purchased $17,000 worth of FARTNOY, holding nearly 10% of its supply, while warning followers about the risks of investing in such tokens.
Critics, including cryptocurrency analysts, have condemned Portnoy's promotion of low-value tokens, arguing it exploits his audience and undermines crypto credibility.