Jason Derulo, the American singer known for his vibrant musical career, recently launched a crypto token named JASON, sparking significant market movements and controversy. Despite initial declarations of holding onto his tokens, analytics firm Bubblemaps has reported that Derulo sold a substantial amount of his holdings shortly after the token’s launch.
Details of the Token Launch
On June 23, Derulo tweeted a contract address for the Solana-based JASON token, leading to a surge in trading activities. The price of the token experienced rapid fluctuations, commonly referred to as a “pump and dump,” within minutes of the announcement, according to data from DEX Screener.
Hours after the token’s volatile debut, Derulo addressed the situation on social media platform X (formerly Twitter), suggesting that Sahil Arora, a known figure in the meme coin sector and the token’s co-creator, had misled him. Despite this claim, Derulo vowed to support the token actively, promising to “send this shit to the moon.”
Analysis by Bubblemaps
Bubblemaps challenged the narrative that Derulo was merely a victim of deception. The firm identified wallets they claim are linked to both Arora and Derulo, noting significant transactions shortly after the token’s launch:
- Arora’s Wallets: Allegedly held half of JASON’s total supply and dumped nearly all of it for a profit of $180,000.
- Derulo’s Wallet: Allegedly received tokens directly from Arora’s wallet and sold about $20,000 worth despite previous promises not to sell.
In a statement to Cointelegraph, Arora described the events surrounding the JASON token as an “orchestrated” plan, implying both he and Derulo were actively involved. He supported the assertion that the wallet identified by Bubblemaps as belonging to Derulo was accurate.
Despite the controversy, the JASON token saw a significant price increase of 175% on the last day reported, reaching a market capitalization of $7.7 million. However, it also recorded a substantial drop of 40.5% from its peak value during the same period.
Following the launch, Derulo engaged in several strategic actions to boost community engagement and token value:
- Requesting a Space on X: To discuss the token directly with followers.
- Promoting Token Burns: Hinting at future plans to reduce the total supply.
- Initiating Buy Competitions: Encouraging purchasing among holders.
| Event | Date | Description |
|---|---|---|
| Token Launch | June 23 | Derulo announces JASON token, leading to initial trades. |
| Market Fluctuations | June 23 | Rapid price changes occur, described as pump and dump. |
| Public Response | June 24 | Derulo claims manipulation but vows to support the token. |
| Analytical Report | June 24 | Bubblemaps releases findings on token transactions. |
The launch of the JASON token by Jason Derulo, followed by rapid market movements and subsequent sales, has highlighted the complexities and potential conflicts within the cryptocurrency industry. The involvement of celebrities in crypto projects continues to draw scrutiny, especially when public statements conflict with financial actions. As the situation unfolds, the market and its observers remain vigilant about the implications of celebrity-endorsed digital assets.
Featured image credit: Kmeron via Flickr