American singer Jason Derulo has sold thousands of dollars worth of his newly launched crypto token, JASON, despite publicly claiming he would “NEVER SELL”.
This information comes from analytics firm Bubblemaps, which has been tracking the token’s transactions.
The controversy started when Derulo, whose real name is Jason Desrouleaux, shared the contract address for the Solana-based JASON token on X (formerly Twitter) on June 23. This announcement led to a surge in trading activity, causing the token’s price to rise sharply and then fall quickly, according to DEX Screener.
Sahil Arora, the token’s co-creator, said the events were part of a planned strategy. However, Derulo’s social media posts suggest a different story. On June 24, Derulo tweeted that he had been scammed by Arora but was still committed to the project, stating:
“Damn Sahil got me 🤦🏾♂️! That’s ok, that’s motivation to take this all the way! I just bought 20k worth. In this for my fans for the long haul, going to do everything in my power to send this shit to the moon. Updating dex screener shortly.”
Bubblemaps’ Findings
Bubblemaps presented evidence that contradicts Derulo’s claims of being deceived. The analytics firm found wallets, allegedly linked to Arora, that held half of JASON’s supply and sold almost everything, making a $180,000 profit after Derulo’s initial post about the token.
1/ Jason Derulo (@jasonderulo) has sold $JASON 🚨
Despite his claims, we doubt Jason Derulo got fooled by Sahil
Let’s look at the on-chain evidence 🧵 ↓ pic.twitter.com/e8PebBDRaO
— Bubblemaps (@bubblemaps) June 24, 2024
Bubblemaps also identified a wallet they believe belongs to Derulo, which received tokens directly from Arora’s wallet and sold about $20,000 worth of the token, despite Derulo’s repeated assurances on social media that he wouldn’t sell.
Arora confirmed Bubblemaps’ claim about the wallet linked to Derulo. When asked about Derulo selling his token, Arora responded with a GIF of influencer Hasbulla saying “business, business”, suggesting the sales were part of a larger plan.
Though Derulo didn’t comment on the issue, he continued to promote the token. Bubblemaps noted that he actively engaged his community, hinted at token burns, and started buy competitions after the initial controversy.
The controversy has had a significant impact on the token’s market performance. JASON’s value increased by 175% over the last day, reaching a market capitalization of $7.7 million. However, it has since dropped by 40% from its peak on June 24, which was slightly over one cent.
Rise of “Celebcoins”
The cryptocurrency market has seen a rise in “celebcoins”, digital tokens launched or promoted by celebrities. Andrew Tate, Iggy Azalea, and Caitlyn Jenner are among the celebrities who have created their own digital tokens.
Vitalik Buterin, the co-founder of Ethereum, has criticized the trend, warning that these practices can mislead investors and harm the integrity of the cryptocurrency market.
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