{"id":79900,"date":"2024-05-30T11:14:22","date_gmt":"2024-05-30T15:14:22","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=79900"},"modified":"2024-05-30T11:14:26","modified_gmt":"2024-05-30T15:14:26","slug":"davido-memecoin-raises-concern-in-nigeria-crypto-community","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/davido-memecoin-raises-concern-in-nigeria-crypto-community\/","title":{"rendered":"Davido Memecoin Raises Concern in Nigeria Crypto Community"},"content":{"rendered":"\n

The Nigerian cryptocurrency community<\/a> has criticized Afro-pop superstar Davido's new memecoin, with many believing it may be a token dump strategy.<\/p>\n\n\n\n

\"Davido
Davido Memecoin Raises Concern in Nigeria Crypto Community<\/figcaption><\/figure>\n\n\n\n

Lookonchain reports that eleven hours after the May 29 inauguration of the DAVIDO memecoin, Davido sold it for a substantial profit of 2,783 SOL ($473,000). The remaining unrealized profit for the singer is $207,000.<\/p>\n\n\n\n

Davido's Memecoin <\/h2>\n\n\n\n

After receiving an initial investment of 7.5 SOL (equivalent to $1,275), Davido utilized 7 SOL ($1,190) to develop and introduce his DAVIDO token on the platform pump.entertainment, acquiring 203 million DAVIDO tokens, which account for 20.3% of the overall supply.<\/p>\n\n\n\n

\"Source:
Source:\u00a0Lookonchain\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/em><\/figcaption><\/figure>\n\n\n\n

Additionally, he transferred 20 million DAVIDO to “dead1111\u20261111,” according to the blockchain monitoring firm, leaving 61.12 million DAVIDO ($207,000) remaining.<\/p>\n\n\n\n

Crypto Community Responds<\/h2>\n\n\n\n

His fans and the cryptocurrency community have widely criticized Davido's withdrawal of considerable amounts from his DAVIDO token stash while encouraging people to purchase, although he has remained silent.<\/p>\n\n\n\n

Local crypto expert Rume Ophi believes Davido could have executed a more strategic maneuver instead of launching his token by advocating for regulatory clarity and exchange licensing in Nigeria's cryptocurrency space.<\/p>\n\n\n\n

Ophi stated that Davido's memecoin is susceptible to becoming a pump-and-dump scheme<\/a>, which would damage industry credibility and attract SEC scrutiny.<\/p>\n\n\n\n

This action could result in extensive financial damage and heightened regulatory scrutiny on legitimate participants, a significant portion of whom may lack cryptocurrency expertise.<\/p>\n\n\n\n

A user of X was further dissatisfied that Davido and his team could not facilitate the emergence of the new memecoin. He stated that a more strategic approach to the launch by Davido and his team could have increased their profits even further.<\/p>\n\n\n\n

Instead of selling a substantial token (nearly $500,000 worth) immediately after its introduction, the user suggested that Davido and his team could have supported the token's growth and momentum.<\/p>\n\n\n\n

Davido has a history, according to another X user, @Toobbss, of dumping digital coins on his fans; the recent incident is the second time in the last three years that he has done so, leaving his followers to endure the losses.<\/p>\n\n\n\n

Davido advertised RapDoge in 2021 before lavishing his supporters more than $300,000.<\/p>\n\n\n\n

Meanwhile, Davido's forays into the realm of cryptocurrencies coincide with the rise in popularity of celebrity meme assets. Recently, Iggy Azalea unveiled MOTHER, her token.<\/p>\n\n\n\n

Nevertheless, celebrity endorsement of these cryptocurrencies has generated considerable discord, exposing investors to the risk of dubious pump-and-dump schemes that may lead to monetary setbacks.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Nigerian cryptocurrency community has criticized Afro-pop superstar Davido’s new memecoin, with many believing it may be a token dump strategy. Lookonchain reports that eleven hours after the May 29 inauguration of the DAVIDO memecoin, Davido sold it for a substantial profit of 2,783 SOL ($473,000). The remaining unrealized profit for the singer is $207,000. […]<\/p>\n","protected":false},"author":1,"featured_media":79917,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81],"tags":[376,19774,650,350],"class_list":["post-79900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-news","tag-cryptocurrencies","tag-davido","tag-memecoin","tag-nigeria"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/image-101.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=79900"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79900\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/79917"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=79900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=79900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=79900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}