American singer Jason Derulo has reportedly sold thousands of dollars worth of his newly launched crypto token, JASON, despite multiple public claims that he would not sell, according to analytics firm Bubblemaps.
Bubblemaps’ Findings and Derulo’s Denial
The analytics firm Bubblemaps revealed that Derulo, known offstage as Jason Desrouleaux, sold the tokens shortly after launching them. Bubblemaps detailed that wallets associated with Derulo sold around $20,000 worth of JASON tokens. This occurred despite Derulo’s assurances on social media that he would retain his tokens.
The Role of Sahil Arora
Sahil Arora, a controversial figure linked to several crypto projects, co-created the JASON token. Arora has claimed that the entire sequence of events was “orchestrated.” He suggested that Derulo’s actions were part of a larger plan to manipulate the market.
Initial Launch and Market Reaction
Derulo announced the token’s launch on June 23 by sharing the contract address on social media, which triggered significant trading activity. According to DEX Screener, the token’s price spiked and then plummeted within minutes.
After the initial market turbulence, Derulo blamed Arora, accusing him of deception. Despite this, Derulo vowed to boost the token’s value, saying he would “do everything in my power to send this [token] to the moon.”
Bubblemaps’ Detailed Analysis
Bubblemaps conducted a thorough analysis and found that wallets believed to be connected to Arora held half of the JASON token supply. These wallets allegedly sold almost all their tokens, netting a profit of $180,000 shortly after Derulo’s promotional posts.
The analytics firm expressed skepticism about Derulo’s claims of being deceived, highlighting his proactive steps to promote the token, such as organizing buy competitions and suggesting token burns.
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Arora’s Response and Token Performance
Arora corroborated Bubblemaps’ findings, confirming the wallet identified as Derulo’s. When asked about the apparent contradiction of Derulo selling his tokens, Arora responded with a GIF implying it was simply “business.”
Despite the controversy, the JASON token saw a significant increase in value, rising 175% in one day and reaching a market capitalization of $7.7 million. However, it later dropped by 40.5% from its peak on June 24.
