American Pop singer Jason Derulo has faced criticism for endorsing a meme coin that experienced a rapid 72% decline in value shortly after its launch.
On June 24, Derulo announced the launch of the JASON coin to his 3.5 million followers on social media platform X, but its value plummeted within minutes, leading to disappointment among investors and fans.
In response to the backlash, Derulo blamed Sahil Arora, an Indian national with a history of cryptocurrency controversies, for misleading him. The singer vowed to address the situation, claiming he invested $20,000 in the coin and promised to work towards its recovery, calling it his “life’s mission” in an apology video.
However, Derulo’s efforts to make amends have been met with scepticism from influential figures in the cryptocurrency community. SlumDOGE Millionaire and on-chain detective ZachXBT questioned Derulo’s intentions, suggesting he was aware of the scheme and pointing out his history of promoting crypto scams.
SlumDOGE Millionaire replied to the American pop singer’s post on X, stating,
“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.”
ZachXBT added,
“You are not sorry at all you have promoted so many crypto scams over the years I have lost track.”
This incident is part of a broader pattern involving Sahil Arora, who has been associated with several celebrity-backed meme coins. Previously, a memecoin linked to Australian musician Iggy Azalea raised over $300,000 in a presale organized by Arora. Azalea later distanced herself from the project, stating that Arora proceeded with the presale without her consent.
“Basically, I was interested in making a legit coin with utility, but Sahil tried it and thought I wouldn’t see his weirdo lil presale telegram shit,” Azalea wrote in a now-deleted post on X.
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