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

created by photogrid

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



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;