2024

Nigerian Afro-pop star Davido is facing serious backlash after the launch of his meme token, $DAVIDO. The token, launched yesterday, quickly drew the ire of the Nigerian crypto community. Many suspect a token dump is imminent, leading to accusations of a pump-and-dump scheme orchestrated by the celebrity. 
Also Read: <a href="https://www.cryptopolitan.com/celebrity-meme-coins-flood-the-crypto-market/">Celebrity Meme Coins Flood the Crypto Market</a> 
According to Lookonchain, Davido made a massive profit of 2,783 SOL, equivalent to $473,000, in just 11 hours after selling his $DAVIDO memecoin. Despite this quick profit, the singer still holds an unrealized profit of $207,000. 
<h2 class="wp-block-heading" id="davido-launched-a-meme-coin">Davido Launched a Meme Coin</h2> 
The story began with an initial investment of 7.5 SOL, valued at $1,275. Davido used 7 SOL, roughly $1,190, to create and launch his $DAVIDO token on the platform Pump.fun. This initial investment allowed him to purchase 203 million $DAVIDO tokens, which made up 20.3% of the total supply. 
Also Read: <a href="https://www.cryptopolitan.com/floki-vs-dogecoin-which-is-the-better-meme-coin-to-invest-in/">Floki vs Dogecoin – Which is the Better Meme Coin to Invest in?</a> 
Blockchain tracking firm Lookonchain reported that Davido also transferred 20 million $DAVIDO tokens to an address labeled “dead1111…1111.” After these transactions, he was left with 61.12 million $DAVIDO tokens, valued at $207,000. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Davido(<a href="https://twitter.com/davido?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@davido</a>) launched a token named <a href="https://twitter.com/search?q=%24DAVIDO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$DAVIDO</a> and made a profit of 2,783 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$SOL</a>($473K) in just 11 hours, also has an unrealized profit of $207K. 11 hours ago, he received 7.5 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$SOL</a>($1,275) as start-up capital, created <a href="https://twitter.com/search?q=%24DAVIDO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$DAVIDO</a> on <a href="https://t.co/C909I8882s" rel="nofollow" target="_blank">https://t.co/C909I8882s</a> and spent 7 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$SOL</a>($1,190) to… <a href="https://t.co/3ObDhsMbOU" rel="nofollow" target="_blank">pic.twitter.com/3ObDhsMbOU</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1796017849179468116?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 30, 2024</a>
</blockquote> 
Despite Davido’s silence on the issue, his actions have not gone unnoticed. His fans and the general crypto community have criticized him for withdrawing massive amounts from his DAVIDO token stash while encouraging others to buy. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 These d-tier celebs you keep supporting mostly have already launched or promoted multiple scams in the past. EX: Davido promoted RapDoge, Echoke, and Racksterli (massive Nigerian investment ponzi) Now bc they come back and make one post you think this time will be different…— ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1796015827046613499?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 30, 2024</a>
</blockquote> 
Cryptopolitan reached out to Davido for a comment, but there was no response by the time of publication. Many of Davido’s followers are new to cryptocurrencies, and this could result in huge financial losses and increased regulatory pressure on legitimate players in the market. 
<h2 class="wp-block-heading" id="community-lashes-out-at-davido">Community Lashes Out at Davido</h2> 
The $DAVIDO token, also known as “Timeless Davido,” is the latest in a series of celebrity-themed memecoins making waves in the crypto industry. Davido announced the token launch on his X account, a move <a href="https://x.com/solana/status/1795929226803376477" rel="nofollow" target="_blank">acknowledged</a> by the official Solana account. This announcement created a frenzy in the Nigerian X space and led to a surge in the token’s market capitalization just hours after its launch. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 I want to thank everyone that joined the <a href="https://twitter.com/search?q=%24DAVIDO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$DAVIDO</a> community last night !— Davido (@davido) <a href="https://twitter.com/davido/status/1796234870521479609?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 30, 2024</a>
</blockquote> 
This isn’t Davido’s first foray into the crypto industry. He previously launched $ECHOKE on the Binance Smart Chain, a project intended to offer services like non-fungible tokens (NFTs), entertainment, media, and hospitality. However, this project was short-lived and soon forgotten. 
Though he hasn’t directly addressed the pump and dump allegations, Davido remains active on X. His latest <a href="https://x.com/davido/status/1796247886562476146" rel="nofollow" target="_blank">post</a> states: “Join the community $DAVIDO! More spaces coming soon and you’ll be REALLY excited by who we got coming up next!” 
Cryptopolitan reporting by Jai Hamid

Nigerian Superstar Davido Pulls a Crypto Pump and Dump Scheme

Table of Contents

Cryptopolitan_News

Other articles published on May 30, 2024

MATIC and Tron Holders Add Algotech to Portfolio as AI Token Enters Bonus Presale Round

Will Qubetics Whitelist Surpass Crypto Leaders Bitcoin and Ethereum?

Top 5 Real-World Assets (RWA) Cryptocurrencies To Watch In 2024

Ethereum Statement from US Giant Company Vanguard That Does Not Offer Spot Bitcoin ETF! Have Thei...

Banksters’ Token Set to Launch on Leading Crypto Exchanges, Does It Have the Best Tokenomics? (30...

Bitcoin in 42-day ‘boredom zone’ — traders debate next move

Join our free newsletter for daily crypto updates!