Weekend Wrap: Crypto Drama and Memecoin Mania

The latest developments in the world of cryptocurrency have been anything but quiet. From the controversial inclusion of crypto influencer Jeremy Cahen on Puerto Rico’s most wanted list to Barstool founder Dave Portnoy’s memecoin pushing the $240 million mark, the crypto space continues to captivate attention. Here’s your weekend roundup of notable stories in the industry.

Puerto Rico Places Crypto Influencer Jeremy Cahen on Most Wanted List

Jeremy Cahen, a well-known crypto influencer and creator of the memecoin PepeFork (PORK), has reportedly been added to Puerto Rico’s most wanted list. The island’s police have accused Cahen of assault, alleging he attacked a man in San Juan by repeatedly striking him until the victim lost consciousness.

According to local news outlets Metro Puerto Rico and El Nuevo Día, Cahen, who was active on X under the handle Pauly0x before his account was suspended, is wanted for the violent assault. Cahen’s involvement in the creation of PepeFork, a memecoin that once hit a $250 million market cap, brought him some recognition in the crypto community.

Raul Negron, the head of Puerto Rico’s arrests division, confirmed that Cahen’s bail had been set at $75,000. Authorities are urging anyone with information on his whereabouts to come forward, although it remains unclear when the incident occurred. Reports suggest Cahen’s X account was suspended in mid-July 2024.

Barstool’s Dave Portnoy Promotes Memecoin to $240 Million Market Cap

Barstool Sports founder Dave Portnoy recently found himself in the spotlight for promoting a memecoin that humorously calls for his own imprisonment. The coin, Stool Prisondente (JAILSTOOL), soared in value after Portnoy posted about it on X, reaching a market cap of over $240 million.

In his February 8th X post, Portnoy shared screenshots showing profits of over $314,000 from memecoins, prompting the creation of JAILSTOOL, which depicts Portnoy behind bars. With his characteristic humor, Portnoy responded to the coin’s surge, 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.”

By February 9, JAILSTOOL had captured the attention of the crypto community, reaching a market cap of $240 million. Although the coin has since dropped to around $98 million in value, it garnered enough interest for a listing on the Kraken exchange. Portnoy currently holds 57.16 million JAILSTOOL coins, which are valued at around $6.28 million. He has stated that he does not intend to dump the tokens in the short term.

Rapper DaBaby Joins the Memecoin Craze

Rapper DaBaby has jumped into the world of cryptocurrency, launching his own memecoin, DaBaby (BABY). Initially, the token surged to a $5.6 million market cap shortly after its launch on February 9, only to experience a quick crash. However, the memecoin did manage to recover slightly, reaching a $2.8 million market cap as of the latest data.

In a video shared on X, DaBaby announced that this was the “first coin” he had ever worked on with a “legit team.” The coin was launched via the Solana memecoin platform Pump.fun and immediately sparked interest in the crypto community.

DaBaby joins a growing list of celebrities and musicians who have ventured into the memecoin space, including figures like Caitlyn Jenner, Iggy Azalea, and Lil Pump.

Brazil's B3 Exchange to Launch Bitcoin Options and Crypto Derivatives

In a significant move for the South American crypto market, B3, Brazil’s largest stock exchange, is preparing to launch Bitcoin options and derivatives for Ethereum (ETH) and Solana (SOL). According to a February 7 report from Valor Investe, these products will be available by the end of 2025.

B3’s chief financial officer, André Milanez, confirmed that the exchange plans to offer crypto derivatives to provide investors with more regulated and leveraged ways to engage with digital assets. This expansion follows the success of Bitcoin futures, which B3 launched in 2023, and the exchange-traded funds (ETFs) for Bitcoin, Ether, and Solana it introduced last year.

In addition to crypto derivatives, B3 also conducted research into the memecoin sector, acknowledging its relevance despite the lack of a clear value proposition for many of these tokens.

Other Noteworthy Developments

• University of Austin: The University of Austin has announced it will create a Bitcoin investment fund, allocating over $5 million from its $200 million endowment fund. The move reflects growing institutional interest in Bitcoin as the industry matures.

• Coinbase CEO Brian Armstrong: Armstrong voiced his support for the White House’s Department of Government Efficiency, which claims to have already saved taxpayers approximately $36.7 billion. Armstrong proposed that government expenditures be conducted transparently on the blockchain, making auditing and oversight more efficient.

Wrapping Up the Weekend

The latest developments in the world of crypto highlight its continued growth and unpredictability, with prominent personalities from various industries making headlines. From celebrity-promoted tokens to institutional adoption in Brazil, crypto space remains a hotspot of innovation, drama, and opportunity. As always, these developments are sure to spark further conversation and debate in the coming weeks.

Stay tuned for more updates as the crypto market continues to evolve at a rapid pace.