American pop star Jason Derulo has found himself in hot water after reportedly selling a significant amount of his newly introduced JASON token, despite promising not to do so. The news was brought to light by the on-chain analytics firm Bubblemaps.
Derulo launched the JASON token on the Solana blockchain on June 23, causing a surge in trading activity after sharing the contract address. However, shortly after the token’s launch, Derulo claimed on social media that he had been deceived by co-creator Sahil Arora and vowed to increase the token’s value.
Bubblemaps, however, cast doubt on Derulo’s claims, revealing that wallets associated with Arora sold a large portion of the JASON tokens, making a profit of $180,000. Further investigation by Bubblemaps showed that a wallet allegedly belonging to Derulo also sold approximately $20,000 worth of tokens, contradicting his earlier promises not to sell.
In response to the allegations, Arora confirmed the association of the wallet in question with Derulo and suggested that the situation was premeditated. Despite the controversy, the value of JASON tokens surged by over 150% in a single day, reaching a market capitalization of $8.2 million.
The incident surrounding Jason Derulo’s JASON tokens sheds light on the complexities of celebrity involvement in digital assets. In related news, rapper Waka Flocka Flame has also faced insider trading allegations after launching his token, FLOCKA.
The situation serves as a reminder of the risks and challenges associated with celebrity-backed cryptocurrencies and the importance of transparency in the crypto space.
