JASON, the Solana-based meme coin of famous R&B artist Jason Derulo, has lost an eye-popping 97%

In July, Derulo implied that the meme cryptocurrency could end up reaching a market capitalization of $1 billion.

However, the token’s actual market cap currently stands at just a minuscule $1.23 million.

It is worth noting that the token was originally launched on Solana-based meme coin factory Pump.fun. Following its launch, the token managed to experience substantial gains. Unsurprisingly, its momentum quickly faded.

The singer wrote an entire essay about how he saw JASON as a way of building “a true community” for the first time in his career.

Derulo himself has attracted backlash from some members of the cryptocurrency community who are convinced that the singer tried to pull off a typical pump-and-dump scheme.

After being confronted by some cryptocurrency influencers, Derulo urged them to stop spewing “nonsense,” adding that he is already rich.

“Humbly speaking I’m rich af and have a name and brand to protect,” he said in a social media post.

The personal net worth of the “Whatcha Say” singer is estimated to be $16 million. He has a total of 14 platinum singles in the U.S.

Derulo is, of course, far from being a crypto newcomer. As reported by U.Today, the famous hip-hop artist claimed that he was “early” to the Shiba Inu craze back in 2021.

During the same year, Derulo joined the “CryptoPunks gang” when the NFT frenzy was reaching its peak.

However, Derulo’s foray into the celebrity meme coin scene proved to be quite disastrous.