Davido, a famous singer from Nigeria, has made a huge profit from his new digital coin, DAVIDO, just hours after it launched on Wednesday.
Beyond Boders reports that Davido created the DAVIDO token on May 29 using Pump.fun, a popular platform for launching new digital coins.
He received 7.5 SOL (about $1,275) as startup funds and used 7 SOL (about $1,190) to buy 203 million DAVIDO tokens, which is 20.3% of all the tokens.
Eleven hours after launching and promoting the coin on his social media account with 15.3 million followers, Davido sold 121.88 million DAVIDO tokens for 2,791 SOL, making around $474,400.
After this, he sent 20 million DAVIDO tokens to a dead wallet, which means they are gone forever, while he kept 61.12 million DAVIDO tokens, worth about $207,000 at that time, in his own wallet.
Although Davido has not yet spoken about this big sale, the market made notice of this occurrence.
According to GeckoTerminal, the value of DAVIDO dropped by over 90% from its highest point on Wednesday.
At last check, the DAVIDO token had lost 72.41% of its value in the last six hours and was trading at $0.001933. The token’s market value was $2 million, with 7,619 transactions contributing to a trading volume of $171,390.
Despite this, Davido continued to promote the coin on his social media, asking DAVIDO holders to keep their tokens and help raise the token’s market value to $30 million.
