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.

Generally, meme coins are cryptocurrencies inspired by memes and internet jokes. They are often envisaged as a fun, light-hearted cryptocurrencies promoted through a social media community and sometimes through celebrity endorsements. Meme coins are also NOT intended to serve as a medium of exchange accepted by the public as payment for goods and services, or as digital representation of capital market products such as shares, debentures, units of collective investment schemes, derivatives contracts, commodities or other kinds of financial instruments or investments.

The general public is HEREBY ADVISED that meme coins lack fundamental value and are purely speculative. The general public is further WARNED that investing in meme coins, including $Davido, is highly risky and should be done with a full understanding of the associated risk.

Capital Market Operators are by this Notice warned not to associate with instruments that fall outside the SEC’s regulatory purview. Such instruments should not in any manner be distributed or monitored through any capital market mechanism.

PLEASE NOTE that the Commission does not recognize $Davido as an investment product or investable asset class under its regulatory purview, as such individuals who patronize it, do so at their peril.

The Commission will continue to monitor developments within the ecosystem and will not relent in deploying its regulatory powers as and when required.

SIGNED

MANAGEMENT

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

Pump and Dump. Everybody wan create coin

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....

A fool and his money are easily parted

Davido will soon run the gullible ones streets.




Anyway they have been warned.

Them no go hear now but will start creating threads up and down when it happens.

Owe be Owe

M*d

hmmmm

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

Wetin coinsign me, na obidient dey trade bitcoin pass

David the smart guy

heykims:
Them no go hear now but will start creating threads up and down when it happens.

sir, pls u beg u in God's name. Since morning I have not had anything....

Pls have mercy and respond to me, pls

Davido sang Riskyyy


And now they are telling us investing in Davido is risky

lol

Shithole country

Davido invest in your thing, leave us alone

uniqueuser:
Pump and Dump. Everybody wan create coin

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!

SEC has done their part just as they did during the time of MMM.

Who has Ear let him hEar

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

Lol

CooldipoMPS:


A fool and his money are easily parted

Without doubt.
Why is Davido dabbling into something that can land him in jail?
Crypto of all the things he can invest in!

Bad rating

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.

Akon coin nko ......😂😜

SEC is really fast on this one and I commend them

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").

Ponzi criminal

Tapcoin don finish?