American pop star Jason Derulo (real name Jason Desrouleaux) has reportedly sold a significant amount of his recently introduced JASON token, contradicting his earlier promises to "never sell."
This information was unveiled by the on-chain analytics firm Bubblemaps.
Derulo launched JASON on the Solana blockchain on June 23. He shared the contract address on X, leading to a surge in trading activity.
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Shortly after the token's launch, Derulo claimed on social media that he had been deceived by co-creator Sahil Arora, a known figure in the crypto space with a controversial reputation. Derulo vowed to increase the token's value despite the setback:
In this for my fans for the long hall, going to do everything in my power to send this to the moon.
Bubblemaps, however, questioned Derulo's narrative, suggesting that he might not have been entirely misled by Arora. Their investigation revealed that wallets associated with Arora held a large portion of the JASON tokens and sold almost all of them, making a profit of $180,000.
Further analysis by Bubblemaps indicated that a wallet allegedly belonging to Derulo, which had received tokens directly from Arora's wallet, sold approximately $20,000 worth of the tokens. This action contradicted Derulo's repeated public statements that he would never sell his tokens.
"Derulo's actions don't really match someone who got fooled," Bubblemaps remarked.
In response to these allegations, Arora reportedly confirmed the association of the wallet in question with Derulo and suggested that the entire situation was premeditated.
Despite the controversy, the strategy appears to have been effective, at least in the short term. The value of JASON tokens surged by over 150% in a single day, reaching a market capitalization of $8.2 million.
The situation surrounding Jason Derulo's JASON tokens highlights the complexities of celebrity involvement in digital assets.
In other news, rapper Waka Flocka Flame has recently launched his token, FLOCKA, and has faced insider trading allegations.
