Pop Icon Jason Derulo Blames Sahil Arora After Promoting Meme Coin JASON That Saw Its Value Drop by Over 72% Shortly After Its Release

This incident has led to increased discussion about the risks and ethical concerns of celebrities endorsing financial products, resulting in monetary losses

Musician Jason Derulo has come under fire for promoting a meme coin named JASON, which saw its value drop by over 72% shortly after its release. Derulo announced the launch of the coin on X to his 3.5 million followers, promising to take it "all the way to the moon." However, within minutes of its debut, the coin's value plummeted, sparking widespread dismay among investors and fans.

In response to the backlash, Derulo shifted the blame to Sahil Arora, a figure previously linked to cryptocurrency scandals. Derulo tweeted his disappointment and announced that he would be purchasing $20,000 worth of the tokens in an effort to salvage the situation. Derulo also stated that he would be updating the coin's dex screener and that he was "in this for [his] fans for the long hall."

Prominent crypto figures like SlumDOGE Millionaire and on-chain detective ZachXBT criticized Derulo's involvement. While SlumDOGE Millionaire accused Derulo of being aware of the potential fallout, ZachXBT dismissed Derulo's apology and highlighted his history of promoting questionable crypto projects.

The liquidity of the JASON meme coin is around $211,000, with approximately 3,190 holders. Derulo's involvement in this venture is part of a broader controversy surrounding celebrity-endorsed meme coin initiatives that have been linked to Arora. Notably, Arora has initiated several meme coin projects that are linked to public figures without their consent, such as Caitlyn Jenner and Rich The Kid. After these activities came to light, Arora's social media profile was suspended. Both Jenner and Rich The Kid have publicly expressed their disapproval of Arora's actions, with Jenner stating her intention to pursue both criminal and civil legal actions against him.

News source：https://www.kdj.com/cryptocurrencies-news/articles/pop-icon-jason-derulo-blames-sahil-arora-promoting-meme-coin-jason-drop-shortly-release.html

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