Jason Derulo faces backlash after meme coin value crash

Derulo accused Sahil Arora of misleading him as JASON meme coin plummets over 72%, sparking investor outrage.

Pop singer Jason Derulo is facing criticism after promoting a meme coin that quickly lost its value.

On 23 June, Derulo announced the launch of his meme coin, JASON, to his 3.5 million followers on X, formerly Twitter. 

let me take you dancin @pumpdotfun 🔥

6SUryVEuDz5hqAxab6QrGfbzWvjN8dC7m29ezSvDpump 🕺

— Jason Derulo (@jasonderulo) June 23, 2024

However, the coin’s value dropped by over 72% within minutes, disappointing investors and fans. The liquidity of the JASON meme coin is now dangerously low, at approximately $211,000, with around 3,190 holders. 

This follows a pattern seen in other high-profile crypto scams, where initial excitement leads to significant financial losses for regular investors.

In response to the backlash, Derulo accused Sahil Arora, an Indian national previously involved in cryptocurrency controversies, of misleading him. 

Damn Sahil got me 🤦🏾‍♂️! That’s ok, that’s motivation to take this all the way! I just bought 20k worth. In this for my fans for the long hall, going to do everything in my power to send this shit to the moon. Updating dex screener shortly. pic.twitter.com/eCJtZlo5yt

— Jason Derulo (@jasonderulo) June 24, 2024

Derulo promised to rectify the situation on X and reiterated his commitment in an apology video, stating that making the coin’s recovery his “life’s goal.” 

❤️‍🔥 pic.twitter.com/UFPbaFSUeH

— Jason Derulo (@jasonderulo) June 24, 2024

Despite his efforts, scepticism remains within the crypto community, with influential figures like SlumDOGE Millionaire questioning his innocence.

Bro made $1 million off his rug and put $20K 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.

— SlumDOGE Millionaire (@ProTheDoge) June 24, 2024

This incident is part of a broader trend involving Arora, who has launched several celebrity-associated meme coins. Recently, he hinted at a collaboration with American rapper Tyga, though Tyga has not promoted any crypto token directly. Arora also teased a Ronaldinho Gaúcho meme coin, following a cryptic post from the Brazilian footballer, leading to speculation about the footballer’s endorsement.