Singer-songwriter Jason Derulo got into an online spat with crypto bros this weekend over whether his crypto token is a scam.
“$JASON to a billy,” Derulo tweeted late Saturday, predicting that the value of the Solana-based meme coin inspired by the celebrity would skyrocket. Despite rallying by many multiples in its opening week, the token has since plunged 80% from its June 27 peak, including another 21% on Monday.
JASON wasn’t originally launched by Derulo, but was deployed on Pump.fun, a Solana-based marketplace that claims to prevent rugpulls “by making sure that all created tokens are safe,” with “no presale and no team allocation.”
That hasn’t stopped the JASON token from collapsing lately, nor has it quieted critics in Derulo’s replies, who accuse him of a classic crypto grift.
$JASON to $0 more likely.
Bookmark this tweet. https://t.co/CaXMF9cTf1
— WIZZ🥷 ( beware scammers ) (@CryptoWizardd) July 7, 2024
Rather than quelling their concerns, the superstar said that critics are “spewing nonsense,” spreading fear, uncertainty, and doubt (FUD) and preventing “normal people” from onboarding the space.
This space needs a cleanup crew,” he wrote on Sunday. “My game plan is to onboard and brand build, your game plan is to jerk off in your room and FUD.”
Derulo initially claimed that he was duped into promoting the meme coin by Sahil Arora, who is the alleged mastermind behind a string of celebrity meme coins pump and dumps over the past several weeks. However, Derulo was quickly inspired to “take this all the way,” claiming to buy $20,000 worth of the coin “for the long haul” and purporting to build utility around the token.
“I’m not here to take liquidity out of the market, I’m here to build and bring liquidity into the market,” he said.
The conversation quickly pivoted towards the celebrity’s net worth, and whether this was all still just a pump and dump for a singer in need of more cash. That’s where things got spicy.
“You’re a literal scrub!” Derulo told crypto influencer Crypto Bitlord, who claimed he owned “forgotten altcoin dust” that surpassed the singer’s net worth. “If you met me, I’d either slap the shit outta you or you’d ask for a pic.”
Bitlord then accused Derulo of promoting an “unregistered security” that he got caught dumping on followers.
Derulo maintains that Crypto Twitter is “just hating” on his effort to bring liquidity into the market.
“The grind never stops—if people only knew what we are cooking behind the scenes,” he tweeted on Monday.
