You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Jason Derulo Faces Backlash Over Meme Coin Promotion Amid Rug Pull Allegations

Pop sensation Jason Derulo has sparked controversy by endorsing a meme coin called JASON, which quickly lost its value post-launch. Renowned for his music career, Derulo’s venture into the unpredictable world of meme coins has ignited a wider conversation about the role of celebrity endorsements in the cryptocurrency market.

The incident has prompted increased scrutiny regarding the risks and ethical implications of celebrities endorsing financial products. Investors have suffered financial setbacks, while the celebrities themselves have faced damage to their reputations as a consequence of their involvement.

Sahil Arora Gets The Blame, But Derulo Is Caught In Crossfire

Recently, Derulo announced the launch of the meme coin JASON to his 3.5 million followers on X. Unfortunately, the coin’s value plummeted by over 72% mere minutes after its debut, leading to widespread disappointment among investors and fans.

In response to the fallout, Derulo blamed Sahil Arora, a controversial figure in cryptocurrency circles. Derulo attempted to mitigate the situation with a tweet: “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.”

Subsequently, Derulo posted an apology video addressing the issue, pledging to make the recovery of the coin his “life’s goal.”

Despite his efforts to take responsibility, skepticism persists regarding Jason Derulo’s involvement with the JASON meme coin. Influential figures in the crypto community, including SlumDOGE Millionaire and on-chain analyst ZachXBT, have raised doubts about Derulo’s assertions.

SlumDOGE Millionaire criticized Derulo, asserting, “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.”

The liquidity of the JASON meme coin is dangerously low, totaling approximately $211,000, with around 3,190 holders. This scenario mirrors other prominent crypto scams where initial hype leads to substantial financial losses for average investors.

The crypto community’s response has been harsh. ZachXBT, renowned for uncovering crypto frauds, reacted to Derulo’s apology video by stating, “You are not sorry at all. You have promoted so many crypto scams over the years I have lost track.”

ZachXBT also commented on ongoing celebrity-backed meme coin promotions, noting, “Projects will throw them high 5 fig – low 6 fig for Ongoing Celebrity Meme Coin Promotions.”

This incident involving Derulo isn’t isolated. The developer in question, Sahil, has launched several other meme coins tied to celebrities.

Notably, Sahil Arora, the alleged perpetrator behind recent meme coin scams involving Caitlyn Jenner and Rich The Kid, has reportedly been banned from X (formerly Twitter). His handle, “@Habibi_Comm,” was suspended following revelations of his involvement in pump-and-dump schemes and rug pulls through celebrity crypto tokens.

Both Jenner and Rich The Kid have publicly condemned Arora, with Jenner announcing intentions to pursue legal action against him both criminally and civilly.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024By
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024By
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024By

Latest news

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024
Bitcoin Mining Firm CleanSpark Acquires GRIID in $155M Stock Deal
28.06.2024
Elastos Partners With BEVM to Launch Bitcoin P2P Loans, Targeting $1.3T in Dormant Value
28.06.2024
Coinbase Files Lawsuits Against SEC, FDIC Over FOIA Request
27.06.2024
UK Watchdog Boosts Crypto Division to 100 Staff Members
27.06.2024
Hong Kong Government Explores DeFi and Metaverse to Boost Fintech Dominance
27.06.2024
Spot Ether ETFs May Receive US Approval by July 4: Report
27.06.2024
Bitcoin ETFs See Inflows for Second Consecutive Day as BTC Holds Steady at $60K
27.06.2024