In recent developments in the crypto world, Puerto Rico has placed crypto influencer Jeremy Cahen, known as “Pauly0x,” on its most wanted list due to an alleged violent assault. Additionally, Barstool Sports founder Dave Portnoy unintentionally contributed to the surge of a meme coin, causing its market cap to skyrocket to $240 million before experiencing a significant drop. The unpredictable nature of cryptocurrency continues to showcase dramatic events, ranging from police investigations to soaring token values.
Puerto Rico Lists Crypto Influencer Pauly0x as Wanted
Authorities in Puerto Rico have reportedly added Jeremy Cahen, widely known as “Pauly0x,” to their most wanted list following an alleged assault that left a man unconscious. According to reports from Metro Puerto Rico and El Nuevo Día, Cahen has been included in the top ten most wanted individuals in the U.S. territory. Raul Negron, the director of the arrest division, shared more details, stating that Cahen allegedly attacked a man by grabbing him by the neck, striking his face and body multiple times, and continuing the assault even after the victim fell to the ground.
“[He] threw him to the ground and kept kicking him repeatedly until the person lost consciousness and needed medical assistance,” Negron told Notiséis WIPR’s Miguel Ramon in an interview on January 24.
Cahen’s bail has reportedly been set at $75,000, and law enforcement is urging the public to share any information regarding his whereabouts. While the exact timing of the incident remains unclear, Cahen’s X (formerly Twitter) account was suspended around July 17, 2024. He is also recognized for launching PepeFork (PORK), a fork of the popular Pepecoin meme coin, which achieved a peak market cap of $250 million.
His online activity has been characterized by the active promotion of memecoins and frequent conflicts with the crypto community.
Dave Portnoy’s Memecoin Endorsement Sparks $240M Rally
Barstool Sports founder Dave Portnoy unintentionally triggered a surge in a memecoin after he publicly commented on its creation. The token, Stool Prisondente (JAILSTOOL), features Portnoy behind bars and was originally intended as a joke in response to criticism of his memecoin promotions.
On February 8, Portnoy posted about the JAILSTOOL token on X, saying, “I think whoever made this coin is funny, and I want to collect it as a memory of you bitches crying like little babies.”
His follow-up post on February 9 garnered over 3.1 million views, propelling JAILSTOOL’s market cap to an impressive $240 million, as reported by CoinMarketCap. However, like many meme coins, its price soon fell, and its value has since decreased to about $98 million. Despite the fluctuations, Kraken, a major cryptocurrency exchange, decided to list JAILSTOOL for trading due to the significant buzz it generated.
Portnoy later disclosed that he holds 57.16 million JAILSTOOL tokens, worth approximately $6.28 million, and mentioned he has no plans to sell right now, though he humorously noted he could have made $6 million in profit if he had sold at the peak.
American Rapper DaBaby Joins Memecoin Craze
In a move that adds to the list of celebrity-backed crypto projects, rapper DaBaby (Jonathan Lyndale Kirk) introduced his own memecoin, BABY, via the Solana memecoin launchpad Pump.fun on February 9. The coin achieved a valuation of $5.6 million within just 40 minutes of its launch, according to DEXScreener.
However, the price quickly fell, underscoring the volatility associated with celebrity-driven tokens. DaBaby reassured fans in a video on X that this was his first collaboration with a “legit team,” but doubts linger as many influencer-led crypto initiatives have previously resulted in pump-and-dump schemes.
What This Means for the Crypto Industry
The swift rise and fall of these meme coins highlight the speculative nature of the cryptocurrency market. Portnoy’s unintentional involvement illustrates how much influence prominent figures can exert on token prices, often resulting in significant, fleeting gains followed by sharp downturns.
In contrast, Cahen’s predicament underscores the dangers tied to controversial personalities in the crypto realm. His inclusion on Puerto Rico’s most wanted list raises concerns about the ethical and legal implications surrounding crypto influencers who frequently hold considerable sway over retail investors. The weekend recap of these events serves as a reminder that while meme coins can spark excitement and profits, they are still highly unpredictable and risky investments.
Conclusion
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A blend of crypto drama, soaring token prices, and legal issues marked this weekend. As Puerto Rico pursues Pauly0x, Barstool’s Portnoy continues to stir things up in the meme coin arena while DaBaby adds yet another name to the roster of celebrity-backed crypto projects. Investors should stay vigilant and perform thorough research before diving into speculative assets. Keep following The Bit Journal and keep an eye on crypto market insights and analysis.
FAQs
Why is Jeremy Cahen, also known as Pauly0x, wanted in Puerto Rico?
Cahen has been placed on Puerto Rico’s most wanted list for allegedly assaulting a man, resulting in the victim losing consciousness. Authorities have set his bail at $75,000.
How did Dave Portnoy impact the JAILSTOOL memecoin?
Portnoy mentioned the token in a social media post, causing its market cap to soar to $240 million. However, the price later experienced a significant drop.
What occurred with DaBaby’s memecoin?
DaBaby’s BABY token reached a value of $5.6 million within minutes but quickly plummeted, showcasing the volatility of celebrity-backed cryptocurrencies.
Is investing in meme coins risky?
Yes, meme coins are highly speculative and often undergo rapid price fluctuations. Investors should conduct thorough research before making any investments.
Where can I trade JAILSTOOL?
JAILSTOOL has been listed for trading on Kraken, following its surge.
Glossary of Key Terms
Memecoin: A cryptocurrency created primarily as a joke or based on internet culture, often lacking fundamental value.
Market Cap: The total value of a cryptocurrency, calculated by multiplying the current price by the total supply.
Pump-and-Dump: A scheme where an asset’s price is artificially inflated before being sold off for profit, causing its value to crash.
Crypto Exchange: A platform where cryptocurrencies can be bought, sold, and traded.
References
- Metro Puerto Rico – “Pauly0x Listed in Puerto Rico’s Most Wanted”
- CoinMarketCap – JAILSTOOL Market Data
- X (formerly Twitter) – Posts by Dave Portnoy and DaBaby
- DEXScreener – DaBaby’s BABY Token Trading Data
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
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