American singer Jason Derulo has come under scrutiny for selling his JASON tokens, despite previously assuring fans that he would not sell. Analytics firm Bubblemaps revealed that Derulo sold approximately $20,000 worth of his tokens shortly after promoting them. This revelation comes amid accusations involving serial scammer and co-creator Sahil Arora, who allegedly orchestrated the token sale to profit significantly.
Derulo's promotion of the Solana-based token led to a price surge followed by a sharp decline, a classic "pump and dump" scenario. Despite claiming to have been fooled by Arora, Bubblemaps and other analysts suggest that Derulo was aware of the scheme, as evidenced by his immediate actions to hype the community and organize buy competitions.
The controversy has raised concerns about the legitimacy and ethics of celebrity-endorsed cryptocurrencies. While the token saw a brief increase in market capitalization, it has since dropped by 40.5% from its peak.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.