How Davido’s new crypto token lost 93% after launch

Nigerian Afrobeat singer, David Adeleke, popularly known as Davido, on Wednesday, announced the launch of a crypto token or memecoin inspired by himself. The digital currency, known as “Timeless Davido” ($DAVIDO), sparked excitement among the singer’s fans and supporters. Davido worked with the main blockchain platforms Phantom and Solana to complete his proposal. Initially, $DAVIDO […]

Nigerian Afrobeat singer, David Adeleke, popularly known as Davido, on Wednesday, announced the launch of a crypto token or memecoin inspired by himself.

The digital currency, known as “Timeless Davido” ($DAVIDO), sparked excitement among the singer’s fans and supporters.

Davido worked with the main blockchain platforms Phantom and Solana to complete his proposal.

Initially, $DAVIDO skyrocketed, hitting a market cap of $10 million in four hours and gaining momentum on DEX Screener.

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The jubilation was however short-lived, as the coin’s value dropped on Thursday.

Hours after being called out by a significant number of disgruntled X users, the former DMW head welcomed everyone who joined the $DAVIDO community early on.

He further said that some people were fortunate enough to win $100 via the Solana platform.

He tweeted: “Those who joined the space with me and @blknoiz06 got to witness me creating my @phantom wallet and receive $100 via the @solana network in a matter of seconds!”

“I want to thank everyone that joined the $DAVIDO community last night!”

Reacting to the development, Nigerian singer, Ayodeji Ibrahim Balogun aka Wizkid, taunted Davido.

“Work smart make you no go dey hustle like fool,” he said on X presumably sending a message to his colleague.

Justin Gallum, a cryptocurrency analyst did not mince words in stating that Davido should be put in jail.

“If you bought the $DAVIDO meme coin expecting to cash out profits, in here to tell you that you were outright scammed by Davido himself. This is textbook behaviour for a crypto rug pull scam,” said Rume, an Analyst on Channel TV and other media platforms.

Daily Trust reports that $Davido token launch is not the first time the Afrobeat superstar has got involved in the wild world of cryptocurrencies.

Techcabal reported that the superstar previously launched $echoke on the Binance Smart Chain to provide a host of services, including non-fungible tokens, entertainment, media, and hospitality.

However, the project was short-lived and was long forgotten.