Jason Derulo and the $JASON Token: Separating Fact from Fiction
On June 23, Jason Derulo made the decision to produce his own Solana meme coin through pump.fun. Did the known pop-singer make a wise career path or will he end up Ridin' Solo?
He coupled up with Sahil, a notorious fraudster within the Solana meme coin community. Jason claims that he was misled by Sahil into urging his 3.5 million Twitter followers to buy $JASON.
The well-known on-chain detective, ZachXBT, swiftly informed Jason's followers about his past involvement in promoting "scams" like "WorldfootballToken," "RichDwarvesTribe," "Inuland," and others.
The team at Bubblemaps quickly started investigating the activity surrounding the new celebrity token. Here is what we found out.
We discovered that even before Jason's initial tweet about the token, there were significant clusters on its bubble map. The largest holder controls 11% of the total supply, while the red cluster in the image below holds 18% and the yellow cluster 22%.
These clusters together own 51% of the total supply. Luckily, they're not acquainted, right? They are actually linked to Sahil, who ended up selling almost everything right after Jason Derulo tweeted. The estimated profits from the sales are $180,000.
During a space on X/Twitter, Derulo mentioned that he was able to deceive Sahil into selling as a way to take control of $JASON.
He had promised not to sell the token via his tweet "Top wallet in $JASON is mine, I will never sell. This one is for the people." However, it seems like he didn't keep his word as he ended up selling.
Derulo sold tokens worth $20,000, claiming that it was for marketing. It's hard to believe this, especially since he bought back the $20k after the wallet was shared on X/Twitter. Why would he promise not to sell, only to sell from a different undisclosed wallet?
Derulo's behavior doesn't really make sense if he was just tricked into starting a token. Besides his previous crypto promotions and not realizing he was sharing a contract on his X account, Jason got the community excited through interactions with crypto influencer Ansem, hinting at burning tokens, and starting buy competitions.
All of this suggests that this wasn't Jason's first time launching a token.
So Whatcha Say? Read our initial thread here.
