“This is a pure scam” – How singer Davido makes over N1billion from social media users in one night with his meme coin $DAVIDO [Video]

May 31, 2024 Captainsam Entertainment 0

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On Wednesday, May 29, 2024, NFT platform Drip welcomed popular Nigerian singer David Adeleke, professionally known as Davido.

On the same day, Davido launched his token, Timeless Davido, with the ticker $DAVIDO, on the Solana blockchain

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Initially, the token saw a rapid increase in value, reaching a market capitalization of $10 million. However, the surge was short-lived. As of the latest reports, the market cap has dropped to $2.2 million.

This sharp decline resulted in significant losses for investors who bought in at the peak. The token’s value plummeted from its $10 million high, reflecting the volatile nature of the cryptocurrency market and the risks associated with investing in newly launched digital assets.

 

 

 

This sell-off resembles a rug pull, as described by CoinDesk: “Once the price peaks, the people behind the token sell it to generate a profit while leaving ‘investors’ with steep losses.”

However, some argue that it does not constitute a rug pull. Crypto influencer DannyCrypt, known on X, stated, “If you don’t sell, someone else will.”

 

 

Watch the video below;