Jason Derulo Faces Backlash for Meme Coin Dump Despite Promising ‘Never to Sell’

Jason Derulo Faces Backlash for Meme Coin Dump Despite Promising ‘Never to Sell’

Pop star Jason Derulo, known for his musical hits and vibrant stage presence, is embroiled in controversy over his involvement in a meme coin scheme. Despite publicly assuring his followers that he “WILL NEVER SELL” his newly launched meme coin, JASON, Derulo reportedly sold significant amounts of the token shortly after its value plummeted by over 72%.

Jason Derulo Allegedly Sells Despite Promises

American singer Jason Derulo is facing significant backlash after promoting the meme coin JASON to his 3.5 million followers on X (formerly Twitter). Following the launch, the coin’s value dipped dramatically, causing widespread dismay among investors and fans who allege a pump-and-dump scheme.

In response to the fallout, Derulo claimed he was deceived by alleged serial scammer and celebrity memecoin promoter Sahil Arora. He vowed to restore the coin’s value, stating, “Damn, Sahil got me! That’s ok, that’s motivation to take this all the way! I just bought $20,000 worth. In this for my fans for the long haul, going to do everything in my power to send this sh*t to the moon.”

Historical Context and Previous Scams

The meme coin community is inclined to believe Derulo’s claim, given Sahil Arora’s alleged involvement in previous scams. Arora has been linked to similar fraudulent activities involving celebrities such as Iggy Azalea’s MOTHER token and Caitlyn Jenner’s JENNER memecoin. American rapper Rich The Kid also accused Arora of orchestrating a pump-and-dump scheme with his token, RICH.

In an interview, Arora denied all scam allegations, calling them “dumb B.S.”

Skepticism from the Crypto Community

Despite some support for Derulo’s claims of being deceived, influential figures in the crypto community, such as SlumDOGE millionaire and on-chain detective ZachXBT, expressed skepticism. SlumDOGE millionaire accused Derulo of profiting from the rug pull, stating, “Bro made $1 million off his rug and put $20,000 back in the chart lol. You’re not stupid or new to crypto Jason, you know exactly what was happening, don’t play dumb now.”

Bubblemaps Analysis

Analytics firm Bubblemaps reported significant selling activity involving wallets associated with Arora and Derulo. According to Bubblemaps, wallets linked to Arora held half of JASON’s supply and dumped almost everything, making a $180,000 profit after Derulo’s initial promotion. Additionally, a wallet allegedly belonging to Derulo received tokens directly from Arora’s wallet and sold around $20,000 worth of the token, contradicting Derulo’s public statements about not selling his tokens.

“Derulo’s actions don’t really match someone who got fooled,” Bubblemaps stated. “He immediately asked Ansem for a Space, hyped his community, hinted at burning tokens, and launched buy competitions.”

Arora’s Response and Future Plans

Sahil Arora, the co-creator of JASON coin, claimed the situation was part of an “orchestrated” plan. Arora confirmed Bubblemaps’ findings and stated that he and Derulo had a significant stake in the project. He dismissed the controversy, indicating that the token’s price increase after the initial dump demonstrated the plan’s success. Notably, JASON reportedly pumped by more than 100% after the initial downturn.

Arora, who has been implicated in similar schemes involving other celebrities, recently hinted at new collaborations with American rapper Tyga and Brazilian footballer Ronaldinho Gaúcho for launching similar meme coins. However, neither Tyga nor Gaúcho has explicitly promoted any crypto tokens, raising questions about their involvement.

Ethical Implications

This incident has sparked a broader debate over the ethics and risks of celebrity endorsements in the cryptocurrency market. The financial losses for investors and the reputational damage for the celebrities involved underscore the need for greater scrutiny and regulation in this volatile space.

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