What Happened to Jason Derulo’s Meme Coin? No updates since July

American singer and dancer Jason Derulo has not provided any updates on his meme coin JASON since July, raising concerns about the fate of the cryptocurrency despite multiple promises about its future and development.

Chain sleuth ZachXBT brought up Derulo’s silence on the project in a recent tweet, chiding influencers who promoted the token at its launch. Zach insisted that influencers were wrong to believe that Project JASON would be different from the 15+ scams that Derulo had previously promoted.

Derulo’s “Engagement” to JASON

Three months ago, Derulo joined the growing list of celebrities who have released meme coins to publicize their project on the Solana network. The popular musician made several posts about the coin, created memes around the project and encouraged community members to participate by investing in it.

As Zach recalled, Derulo assured users that he would not scam them like other celebrities had. He proclaimed a long-term commitment to the crypto space and his project, stating that he wanted to “see everyone in our community win.”

Derulo even partnered with other projects, such as the Solana-based exchange Movement, to simplify the onboarding process for crypto newbies looking to buy JASON. He also struck a deal that allowed JASON holders to buy homes in Dubai with the token and attended several interviews about the project.

While some members of the community saw the potential for Derulo’s efforts to bring millions of new users to crypto, others criticized the project and questioned its legitimacy. In response to skeptics, Derulo insisted that he had no fraudulent motive for his meme coin project because he was “rich af,” had a name and brand to protect, and had built billion-dollar companies.

JASON drops 87%

During Derulo’s active promotion of JASON, the token’s market capitalization rose to $27 million, and the singer hinted that it could soar to $1 billion over time. Since the frenzy and hype died down, JASON has lost over 87% of its value and its market cap has plummeted to $1.28 billion. According to data from CoinMarketCap, the token was worth $0.00122 at the time of writing.

Worse, Derulo hasn’t made an X post about the token since late July, when he said he was building a roadmap of partnerships and plans to help revive the project.

Meanwhile, Zach said Derulo made a post on September 3 promoting another meme coin, but deleted the tweet shortly after.

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