$DAVIDO: From Hype to Halt

The frenzy surrounding $DAVIDO, a meme coin launched by Afrobeats sensation Davido, has come to an abrupt end. Initially skyrocketing to popularity upon its May 29, 2024, debut, the meme coin was fueled by the singer’s enthusiastic social media endorsements.

Crypto computing platform, Solana, eagerly embraced the coin, announcing its arrival with a tweet: “Solana just ships. Welcome Davido.” Within just four hours of launch, $DAVIDO boasted a staggering $10 million in market capitalization.

However, the excitement was short-lived. The very next day, $DAVIDO’s value plummeted by 90%, sparking fears among investors of a potential “rug pull”—a scenario where project developers abandon the token, absconding with investors’ funds.

Recall that this is not Davido’s first venture into the crypto world. In November 2021, he introduced $EChoke, and he also endorsed Racksterli, a now-infamous Ponzi scheme that allegedly defrauded users of approximately N1 billion. The latter incident drew criticism, prompting calls for Davido to exercise greater responsibility with his influential status.

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While many buyers of the $DAVIDO meme coin anticipated a short-term venture, they hoped for a surge in its valuation to yield profits. However, their aspirations were dashed by a suspected pump-and-dump scheme. In the realm of crypto tokens and meme coins, pump-and-dump schemes are commonplace, involving individuals or groups artificially inflating a token’s price before offloading their holdings at inflated prices, leaving investors high and dry.

Techrectory with Agency Report.

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See also AMF Issues Warning Against Bybit Crypto Exchange

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