Jason Derulo Sells Thousands in JASON Tokens Despite “Never Sell” Claims

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As an analyst with a background in blockchain and digital currencies, I’ve closely followed the developments surrounding the JASON token and the controversy involving Jason Derulo. Based on the available information from Bubblemaps and other reliable sources, my analysis leads me to believe that Derulo was not deceived by Sahil Arora as he claimed.

According to analytics company Bubblemaps, they have monitored the token’s transaction history for this data.

As a crypto investor, I’ve been following the developments surrounding the JASON token closely. The buzz really picked up when Jason Derulo, whose real name is Jason Desrouleaux, announced the contract address for his Solana-based token on X, previously known as Twitter, on June 23. This revelation sparked a flurry of trading activity among investors, resulting in a sudden and significant increase in the token’s price. However, this surge was short-lived, and the token’s value quickly plummeted just as abruptly, according to DEX Screener.

Sahil Arora, one of the creators of the token, stated that the recent events were part of a preconceived plan. However, Derulo’s social media updates paint a contrasting picture. On June 24, Derulo tweeted that he had fallen victim to Arora’s scam but remained dedicated to the project.

“Ugh, Sahil outdid me again! But that’s alright, it only fuels my determination to push further. I’ve just invested $20,000. I’m in this for the long run, with my fans by my side, and I’ll use every ounce of energy to make this a success. Keep an eye out for updates on my dex screener soon.”

Bubblemaps’ Findings

Bubblemaps uncovered data contradicting Derulo’s assertion of being misled. They discovered digital wallets, purportedly belonging to Arora, containing approximately half of JASON’s stockpile. These wallets sold nearly all their contents, earning a substantial profit of $180,000, following Derulo’s public announcement 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 🧵 ↓

— Bubblemaps (@bubblemaps) June 24, 2024

According to Bubblemaps’ investigation, a wallet supposedly owned by Derulo was identified, which reportedly received tokens transferred from Arora’s wallet and subsequently sold approximately $20,000 worth of the token. Despite Derulo’s consistent denials on social media that he would sell, this transaction took place.

Arora verified that Bubblemaps was correct in stating Derulo’s connection to the wallet in question. Regarding Derulo supposedly selling his token, Arora replied with a GIF featuring Hasbulla’s exclamation “business, business,” implying that these transactions were part of a more extensive strategy.

Despite remaining silent about the controversy surrounding the token, Derulo persisted in promoting it. Meanwhile, Bubblemaps observed that Derulo was actively engaging with his followers, suggesting token burns, and even initiating buying competitions following the initial uproar.

The dispute has greatly influenced the price action of JASON in the market. Over the past day, its worth surged by an impressive 175%, reaching a total value of $7.7 million. Nevertheless, there’s been a 40% decrease from its highest point on June 24, which was just above one cent.

Rise of “Celebcoins”

The cryptocurrency sphere has experienced a surge in the emergence of “celebrity coins,” which are digital currencies endorsed or introduced by famous personalities. Notable figures like Andrew Tate, Iggy Azalea, and Caitlyn Jenner have entered this realm by launching their unique digital tokens.

Vitalik Buterin, the co-founder of Ethereum, has expressed concern over certain trends in the crypto world, cautioning that such practices could potentially deceive investors and undermine the trustworthiness of the digital currency marketplace.

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2024-06-25 12:30