Jason Derulo faces backlash after meme coin value crash

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. 

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. 

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.” 

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

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.