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

On-chain sleuth ZachXBT brought Derulos silence on the project to light in a recent tweet, reprimanding influencers who promoted the token at its launch. Zach insisted that the influencers were wrong to believe that the JASON project would differ from the over 15 scams Derulo had previously promoted.

Derulos Commitment to JASON

Three months ago, Derulo joined the growing list of celebrities who have launched meme coins to unveil his 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 done. He proclaimed a long-term commitment to the crypto space and his project, stating that he wanted to see everyone win in our community.

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

While some community members saw the possibility of Derulos efforts leading millions of new users to crypto, others criticized the project and questioned its legitimacy. In response to the 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 Plunges 87%

During Derulos active promotion of JASON, the tokens market cap surged as high as $27 million, with the singer implying that it could skyrocket to $1 billion over time. Since the frenzy and hype faded, JASON has lost over 87% of its value, and its market cap has plummeted to $1.28 million. According to data from CoinMarketCap, the token was worth $0.00122 at the time of writing.

Worse still, Derulo has not 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.