Pop singer Jason Derulo is under fire following the promotion of his meme coin, JASON, which swiftly lost its value. The incident has sparked debates about the responsibilities of celebrities in endorsing high-risk financial products.
On June 23, Jason Derulo introduced the JASON meme coin to his 3.5 million followers on X. The coin’s value plummeted by over 72% within minutes of its launch, leading to widespread disappointment among investors and fans. This rapid decline raised questions about the volatility and risks associated with meme coins.
In response to the backlash, Derulo accused Sahil Arora, an Indian national linked to previous cryptocurrency controversies, of misleading him about the coin’s potential. Derulo expressed his determination to rectify the situation by purchasing $20,000 worth of JASON coins. He stated on X,
“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.”
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 hall, going to do everything in my power to send this shit to the moon. Updating dex screener shortly. pic.twitter.com/eCJtZlo5yt
— Jason Derulo (@jasonderulo) June 24, 2024
Criticism from the Crypto Community
Despite Derulo’s efforts to address the issue, skepticism persists within the cryptocurrency community. Notable figures, including SlumDOGE Millionaire and on-chain detective ZachXBT, have publicly questioned Derulo’s claims of innocence. SlumDOGE Millionaire commented,
“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.”
ZachXBT echoed these sentiments, stating,
“You are not sorry at all. You have promoted so many crypto scams that I have lost track over the years.”
Moreover, these criticisms reflect broader concerns about celebrities’ involvement in promoting volatile and speculative financial products without fully understanding the risks involved.
Sahil Arora’s Controversial Involvement
Sahil Arora, the individual Derulo blamed for the JASON coin’s failure, has a history of involvement in controversial cryptocurrency projects. Arora has previously launched several celebrity-associated meme coins, many of which experienced price crashes shortly after their release.
Arora’s activities have included hacking American rapper Rich the Kid’s X account to promote the “RICH” token, facilitating other celebrity-themed coins such as JENNER, and conducting a token presale under the guise of Australian musician Iggy Azalea. These ventures typically saw Arora pocketing the profits while the celebrities distanced themselves from the projects once the coins’ values collapsed.
The recent events involving Derulo and Arora have raised broader questions about the role of celebrities in the cryptocurrency market. The risks and potential for financial loss associated with meme coins and other speculative investments are significant, and the involvement of high-profile figures can lend undue credibility to these ventures.
Arora has hinted at future collaborations with other celebrities, such as American rapper Tyga and Brazilian footballer Ronaldinho Gaúcho. However, these individuals have not yet publicly endorsed or promoted cryptocurrency tokens, leaving their involvement uncertain.
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