- Jason Derulo’s cryptocurrency faces allegations that it is a pump-and-dump scheme following a sharp rise and fall in price.
- The coin’s 24-hour gains peaked at over 6,000%.
- Derulo blames alleged celebrity serial crypto scammer Sahil Arora for the token’s decline.
Yet another celebrity-endorsed cryptocurrency has gone haywire following Jason Derulo’s promotion of the JASON memecoin on Solana.
After pumping over 6,000% in a matter of hours, the token has begun taking a sharp decline, shedding more than half of those gains in less than a day.
JASON Tumbles
Jason Derulo is in hot water following the launch and promotion of the JASON memecoin on Solana.
As per data available on DEX Screener , the token launched on June 23, 2024, and crawled at a price of approximately $0.00007 before pumping to around $0.005.
After its market cap peaked at around $5 million, the token began to sharply decline within hours, and has since shed over 50% of its price to $0.002289, where it continues to slide.
Just some seven hours after the alleged pump-and-dump, Derulo posted a video to X, apologizing to “everyone affected”, presumably by the price crash. However, in the same short video, he notes that he wants to take it “to the moon” and is in it “for the long haul”.
Crypto-detective ZachXBT isn’t accepting any apologies. Noting Derulo had actually promoted several crypto scams over the years, with screenshots to back the claims.
The Sahil Connection
In the late hours of the night, Derulo posted to X and suggested that he had just become another victim of notorious celebrity crypto scammer, Sahil Arora.
Arora was banned from X a few weeks ago following several allegations of being a crypto scam artist by several major celebrities. The likes of Iggy Azalea, Caitlyn Jenner, and now Jason Derulo have publicly denounced Arora.
The JENNER token experienced a similar meteoric rise at the time of launch, gaining a market cap of $43 million within 24 hours of its launch. Today, it sits at a meager $1 million.
Arora was banned specifically for posting fake screenshots of conversations that suggested his involvement with the launch of IGGY, a memecoin inspired by Australian popstar Iggy Azalea.
Azalea responded to these claims, and soon went on to launch her own crypto, MOTHER, on the Solana blockchain.
The Celebrity Crypto Curse
Of all the odd untrustworthy developments in the space, celebrity-endorsed cryptos seem to attract more cynicism from the public. Even more than some of the most controversial memecoins on Solana.
A notable mention is the Bored Apre Yacht Club lawsuit. In it, major names such as Justin Bieber, Madonna, Kevin Hart, and a dozen other A-list celebrities were sued for their involvement in promoting the ape-theme non-fungible token (NFT) collection.
Recent and ongoing controversies such as Logan Paul’s CryptoZoo project, the Cristiano Ronaldo Binance NFTs, and rapper Akon’s AKOIN, all continue the trend of crypto/celeb failures and lawsuits.
With Derulo now entering the fray, some are questioning how long it will be before the star faces legal action for his involvement in the JASON crypto.
Was this Article helpful?
Credit: Source link
