U.S. singer Jason Derulo, whose real name is Jason Desrouleaux, has become the center of a crypto controversy.

He made headlines by selling thousands of dollars worth of his newly launched crypto token, JASON, even though he repeatedly said he would never sell it, according to analytics firm Bubblemaps.

The Token Launch

On June 23, Earlier this week, Derulo shared a contract address for the Solana-based token on social media platform X. This announcement led to a flurry of trading activity. The token's price experienced a rapid pump and dump within minutes, as shown by data from the DEX Screener.

The analytics firm Bubblemaps found wallets it claimed were associated with Sahil Arora, the token's controversial co-creator, holding half of JASON's supply. These wallets allegedly 'dumped almost everything,' resulting in a $180,000 profit after Derulo's initial post.

Bubblemaps' Findings

Bubblemaps also pointed out that a wallet it alleged belonged to Derulo had sold around $20,000 worth of the token. This is despite Derulo's multiple posts on X stating he wouldn't sell his tokens. 'Derulo's actions don't match someone who got fooled,' Bubblemaps commented. 'He immediately asked Ansem for a Space, hyped his community, hinted at burning tokens, and launched buy competitions,' it added.

Arora's Response

When asked about Bubblemaps' claims, Sahil Arora told Cointelegraph that 'it's all orchestrated.' He emphasized that both he and Derulo have a vested interest in the token.

To those questioning the optics of Derulo selling his token, Arora responded with a GIF of Dagestani influencer Hasbulla saying, 'Business, business.'

'Derulo's actions don't match someone who got fooled,' Bubblemaps said.

Market Impact

Despite the controversy, the plan has worked. JASON's value surged 175% on the last day, reaching a market capitalization of $7.7 million. However, it is down 40.5% from its late June 24 peak of over one cent. Derulo could not be reached for comment.

Conclusion

The drama around Jason Derulo's crypto token, JASON, includes a debate about whether this was a well-coordinated promotional stunt or a breach of trust, which remains a heated topic.