Davido’s foray into cryptocurrency with the launch of his meme coin, $DAVIDO, has sparked controversy after the coin’s market value crashed by over 93%.
Launched on May 29, 2024, on the Solana blockchain, the coin initially soared to a $10 million market cap within hours, only to plummet to $2.2 million shortly after.
Allegations of a “pump and dump” scheme have surfaced, with critics accusing Davido of profiting approximately $473,000 by offloading his tokens before the crash.
Fans and the Nigerian crypto community have expressed mixed reactions, with some disappointed and others calling for stricter regulation of celebrity-endorsed cryptocurrencies.
Nigeria’s SEC has since issued warnings against $DAVIDO and other meme coins, emphasizing their speculative and risky nature.
This isn’t the first time Davido has faced backlash for his involvement in crypto ventures, reigniting debates about ethical responsibility in celebrity endorsements.
The $DAVIDO coin debacle serves as a cautionary tale, spotlighting the volatility of meme coins and the potential harm of unchecked celebrity influence in the crypto market.
Source: OccupyGh.com
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