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Nairaland Forum / Nairaland / General / Investment / $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians (25301 Views)
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$Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by fergie001: 7:13pm On Jun 14 |
The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to a meme coin known as “$Davido” allegedly linked to the popular Nigerian singer, David Adedeji Adeleke AKA Davido. WHAT TO KNOW ABOUT DAVIDO'S MEME COIN Nigeria’s Afrobeat superstar, David Adeleke (Davido), on Wednesday 29th May 2024, announced the launch of a crypto token or memecoin inspired by himself. The token known as “Timeless Davido” ($DAVIDO) is the latest addition to the new wave of celebrity-themed memecoins making the news in the crypto industry at the moment. Davido announced the launch of the $Davido token on his social media handle on Wednesday and the post was acknowledged by the official Solana handle. This resulted in a frenzy in the Nigerian social media space and a surge in the market capitalization of the token hours after its launch. Although the rave around the token has cooled off just a day after its launch, here are five important things to note about the $Davido token. Launched on Solana blockchain The $Davido token was launched on the Solana blockchain and it was created on Wednesday using the popular Platform Pump Fun which allows crypto users to create a token in a matter of minutes. Crypto research tool, Lookonchain, reported that Davido received 7.5 SOL worth $1,275 as startup capital which he used to create the $Davido token. The Solana blockchain is known for processing over 65,000 transactions in a second and has low fees. 1 Sol is currently worth N238,769 Profit of $473,000 in 11 hours After creating his $Davido token with his 7.5 SOL initial capital, Davido spent 7 SOL to buy 203 million $Davido tokens which made up about 20.3% of the total supply. He sold 121.88 million $Davido tokens, making a profit of over $473,000 in just 11 hours. He still has an unrealized profit of $207,000. $Davido token value has plunged by 93% Despite the excitement and the rave created online by the launch of the $Davido tokens, the party was short-lived as the memecoin lost over 93% of its value by the next day. The token is currently down by 93% from its highest point on Wednesday. According to data from CoinMarketCap, the coin is currently trading at $0.000010 just a day after its launch. The coin also has a current liquidity of $291,000. Not Davido’s first crypto project $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. The project was short-lived and was long forgotten. The journey for the newly launched $Davido token remains uncertain for long-term holders of the token given the unsavory news of the coin losing 93% of its value the next day. What to know The $Davido memecoin is the latest addition to the recent wave of celebrity-themed tokens in the crypto industry. It remains uncertain the long-term trajectory of the $Davido token and whether it would be able to increase its valuation allowing its long-term holders to profit from it. Memecoins are increasingly becoming a very important part of the crypto industry with an overall market cap of about $66 billion. Nairametrics earlier reported the top five promising memecoins of 2024 who are currently increasing in valuation and pulling a bullish trend in the crypto market. https://www.google.com/amp/s/nairametrics.com/2024/05/30/icymi-davidos-new-crypto-token-that-lost-93-after-launch/%3famp=1 6 Likes 2 Shares
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Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by uniqueuser(m): 7:37pm On Jun 14 |
Pump and Dump. Everybody wan create coin 64 Likes 3 Shares |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by inoki247: 7:50pm On Jun 14 |
Lol everybody trying to run each other street... Naso the tap tap shiit dey tell people to pay before they can link there wallet people don see say crypto is the best legit way to scam people now.... 100 Likes 5 Shares |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by CooldipoMPS: 7:50pm On Jun 14 |
A fool and his money are easily parted 72 Likes 4 Shares |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by doggedfighter(f): 7:50pm On Jun 14 |
Davido will soon run the gullible ones streets. Anyway they have been warned. 28 Likes 2 Shares |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by NwaNimo1(m): 7:50pm On Jun 14 |
Scam alert.... 12 Likes 2 Shares |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by heykims(m): 7:50pm On Jun 14 |
Them no go hear now but will start creating threads up and down when it happens. 50 Likes 2 Shares |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by DonBenny77(m): 7:51pm On Jun 14 |
Owe be Owe 11 Likes 3 Shares |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by Itechmedix(m): 7:51pm On Jun 14 |
M*d |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by Mikael0407(m): 7:51pm On Jun 14 |
hmmmm 1 Like |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by GeneralOjukwu: 7:53pm On Jun 14 |
Warned several friends against cryptocurrency. They refused to listen to advice and got burnt. Since WonderBank chopped my money, learnt my hard lessons. If you come and talk cryptocurrency with me...you might relocate to heaven / hell instantly ooo 27 Likes 3 Shares
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Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by lailo: 7:53pm On Jun 14 |
Wetin coinsign me, na obidient dey trade bitcoin pass 4 Likes |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by Solofresh2: 7:54pm On Jun 14 |
David the smart guy 1 Like 1 Share |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by eraglory: 7:54pm On Jun 14 |
heykims:sir, pls u beg u in God's name. Since morning I have not had anything.... Pls have mercy and respond to me, pls 2 Likes |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by saddler: 7:55pm On Jun 14 |
Davido sang Riskyyy And now they are telling us investing in Davido is risky 14 Likes |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by TalkTalkTwins(m): 7:55pm On Jun 14 |
lol |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by Hewlett: 7:55pm On Jun 14 |
Shithole country 12 Likes |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by KatherineBooths: 7:56pm On Jun 14 |
Davido invest in your thing, leave us alone 4 Likes |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by Bluntemperor: 7:56pm On Jun 14 |
uniqueuser: He is being deceived! He go soon know that Financial System differs from radio or TV gingle! The Regulator of the Capital Market have spoken! Na heat No1 be that! 15 Likes |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by Carazon: 7:57pm On Jun 14 |
SEC has done their part just as they did during the time of MMM. Who has Ear let him hEar 31 Likes |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by Vyzz: 7:58pm On Jun 14 |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by Almiron: 7:59pm On Jun 14 |
David na muumuu, e don dey spoil his steeze gradually. All those r3tards w3y lose money na weyreh dem be cos na f**king gamble Make dem continue to buy the dip, till they all end up in deepsh1t 10 Likes 6 Shares
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Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by Kwaramustgoodag: 7:59pm On Jun 14 |
Lol |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by ElSudani: 8:00pm On Jun 14 |
CooldipoMPS: Without doubt. Why is Davido dabbling into something that can land him in jail? Crypto of all the things he can invest in! 11 Likes 1 Share |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by LibertyRep: 8:00pm On Jun 14 |
Bad rating 5 Likes 1 Share |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by SimpleDan3: 8:03pm On Jun 14 |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by SoNature(m): 8:03pm On Jun 14 |
Ignore SEC's warnings at your own risk. Don't invest and when it crashes, you start complaining that the government isn't serious or that Davido defrauded investors because he's rich and connected. 8 Likes 1 Share |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by Lexusgs430: 8:04pm On Jun 14 |
Akon coin nko ......😂😜 6 Likes 3 Shares |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by Flame333: 8:04pm On Jun 14 |
SEC is really fast on this one and I commend them 8 Likes 1 Share |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by faceland: 8:05pm On Jun 14 |
Don't put your money in these things, na scam. Have been in a $MAGA groups and 60% of them are blacks that hate trump but they pump the value so they can unitedly dump it on his fans head (what they call "rug pull"). 6 Likes |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by Flame333: 8:05pm On Jun 14 |
Ponzi criminal 6 Likes 1 Share |
Re: $Davido: Investing In Davido's Memecoin Is At Owner's Risk - SEC Tells Nigerians by Chikel20000(m): 8:06pm On Jun 14 |
Tapcoin don finish? 8 Likes 1 Share |
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