Jason Derulo's Memecoin Crashes: Loses 97% of Market Value

Bittime – Memecoin belongs to the famous R&B singer, Jason Derulo, ie JASON which is based on the Solana network, experienced a drastic decline of up to 97% from its initial market value. 

In July 2024, Derulo stated that the memecoin had the potential to reach a market capitalization of $1 billion. 

However, in reality, market capitalization JASON currently only about $1.23 million remains. This drastic drop caught the attention of many investors and the crypto community.

Sudden Launch and Momentary Rise

Memecoin JASON launched via the meme coin platform Pump.fun, which is based on Solana. After its launch, this coin experienced a significant increase in a short time. 

However, as is often the case with memecoins, the momentum quickly faded. This has led to speculation that the project may simply be a "pump-and-dump" scheme that often occurs in the crypto world.

Read also: Telegram Tap to Earn Game: Tap the Screen, Earn Crypto!

Criticism from the Crypto Community

Jason Derulo himself received a lot of criticism from members of the crypto community who accused him of taking advantage of his popularity to attract investors into projects that did not have a strong foundation. 

Some crypto influencers consider this project to be a form of market manipulation that is detrimental to investors.

Responding to this criticism, Derulo rejected all these accusations and stated that he was rich enough without the need to use such schemes. 

"Humblely, I am rich and have a name and brand that I need to protect," he said in a social media post.

Memecoins and Celebrity

Previously, Derulo had also been involved in other crypto phenomena, such as being part of the hype Shiba Inu in 2021 and also join the trend CryptoPunks during the peak of the NFT fever. 

However, despite having a background in the crypto world, his success in the memecoin sector this time was far from expected.

Conclusion 

The story of the fall of memecoin JASON reminds investors to always be careful in choosing crypto projects, especially those involving celebrities. 

Despite their great appeal, memecoins often do not have a strong fundamental basis, so the risks are very high.

Jason Derulo, even though he is famous in the music world, seems to have to struggle harder to build credibility in the crypto world. 

Failure JASON also points out that while endorsements from celebrities can increase a project's popularity, it does not always guarantee long-term success in the crypto market.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.