Jason Derulo Becomes Latest Celebrity to Promote Meme Coin, Faces Rug Pull Allegations

Pop icon Jason Derulo is embroiled in controversy after promoting a meme coin that plummeted shortly after its release.

Known for his electrifying musical performances, Derulo’s entry into the risky meme coin market has ignited debate over celebrity involvement in potentially dubious financial endorsements. The repercussions of these episodes extend beyond monetary losses, risking damage to the involved celebrities’ reputations and eroding trust in the cryptocurrency market overall.

Sahil Arora Attempts 3 Celebrities’ Meme Coin Launch

Recently, Derulo used his platform on X, previously Twitter, to announce the launch of the meme coin, JASON, to his 3.5 million followers. Regrettably, the coin’s value nosedived by more than 72% minutes later, leading to widespread dismay among investors and fans.

Derulo quickly pointed fingers at Sahil Arora, a figure previously linked to cryptocurrency scandals. In a reactionary move, Derulo declared his commitment to rectifying the situation.

Read more: Crypto Scam Projects: How To Spot Fake Tokens

“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,” Derulo stated on X.

He reinforced his intentions in an apology video, vowing to make the meme coin’s recovery his “life’s goal.”

Despite Derulo’s proactive stance, skepticism persists. Influential voices in the crypto community, such as SlumDOGE Millionaire and prominent on-chain detective ZachXBT, have cast doubt on his innocence.

“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,” SlumDOGE Millionaire said.

Currently, the liquidity of the JASON meme coin is perilously low at approximately $211,000, with around 3,190 holders. This pattern mirrors other high-profile crypto scams, where initial excitement leads to significant financial losses for ordinary investors.

This incident is not isolated. Arora has launched several other celebrity-associated meme coins. Yesterday, he hinted that he has been on a call with the American rapper Tyga to launch his meme coin.

However, unlike Derulo, Tyga has yet to discuss or promote any crypto token directly on his social media platforms. This silence raises questions about his involvement’s legitimacy and potential impact if confirmed.

Similarly, Arora has also teased a Ronaldinho Gaúcho meme coin. This happened after an X post from Gaúcho:

Time for crypto to go mainstream, who’s with me?” Gaúcho asked his 21.5 million followers.

However, the Brazilian footballer – Gaúcho did not explicitly promote the meme coin. Yet, Arora’s quick share of a contract address following Ronaldinho’s post added him to the list of celebrities speculated to be endorsing meme coins.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

The rapid depreciation of these coins post-launch poses a recurring concern, drawing the attention of the investing public and regulators.