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Davido of Nigeria Receives Criticism for Launching $Davido Meme Coin

Nigerian musician Davido created a meme coin, $Davido, on May 29. Unfortunately, the coin received backlash as its worth dropped by more than 93% within 24 hours of its launch.

The Pump.fun platform first caught notice for its $Davido coin, however it experienced a substantial decrease in worth, with trading at $0.000010 on Thursday. This sudden decrease caused disappointment among shareholders and followers, who turned to social media to express their discontent.

The decline in the value of the coin received backlash from Davido’s fanbase, who felt deceived and suffered financial loss. Disappointed investors took to social media to express their frustrations and disappointment.

A Twitter user under the handle #lidocaine_v2 demanded the return of their investment money in $DAVIDO, which they had put in using their japa funds based on advice. Meanwhile, another user under #Ugochukwu_96 expressed sympathy towards those who had invested in the coin and condemned Davido’s behavior.

Davido collaborated with blockchain platforms Phantom and Solana to launch the $Davido meme coin, attracting attention from fans and investors alike. Despite the initial hype, the coin’s value dropped significantly within a day of its release.

Reword:

Meme coins refer to digital tokens that take inspiration from popular memes on the internet. A well-known example of this is Dogecoin, which was created in 2013 and continues to be among the top 10 largest cryptocurrencies, with a market value of more than $8 billion.

Source: X | davido