Nigerian Afrobeat singer David Adeleke, popularly known as Davido, is facing severe backlash following the disastrous launch of his new cryptocurrency token.
The token, named “Timeless Davido” ($DAVIDO), experienced a dramatic loss, plummeting 93% shortly after its initial surge.
The digital currency, which Davido launched with much fanfare on Wednesday, initially sparked excitement among his fans and supporters.
Collaborating with blockchain platforms Phantom and Solana, the token saw a meteoric rise, hitting a market cap of $10 million within four hours and gaining momentum on DEX Screener.
Per Second News, however, gathered that the jubilation was short-lived.
By Thursday evening, the coin’s value had nosedived, leading to widespread discontent among investors.
Per Second News observed that numerous users on social media platform X expressed their frustration, accusing Davido of misleading them.
In response to the outcry, Davido thanked those who joined the $DAVIDO community early on, noting that some participants had won $100 via the Solana platform.
He tweeted, “Those who joined the space with me and @blknoiz06 got to witness me creating my @phantom wallet and receiving $100 via the @solana network in a matter of seconds! I want to thank everyone that joined the $DAVIDO community last night !”
Despite his attempts to mitigate the situation, criticism from fans and industry experts intensified.
Nigerian singer Ayodeji Ibrahim Balogun, aka Wizkid, taunted Davido on X, saying, “Work smart, make you no go dey hustle like a fool,” seemingly mocking his colleague’s misstep.
Crypto analyst Justin Gallum was particularly harsh, suggesting legal repercussions.
“If you bought the $DAVIDO meme coin expecting to cash out profits, I’m here to tell you that you were outright scammed by Davido himself.
This is textbook behavior for a crypto rug pull scam,” said Rume, another analyst featured on Channel TV and other media platforms.
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