Nigerian singer, David Adeleke, known as Davido, launched a new meme coin called $Davido on Wednesday, May 29.
Unfortunately, the coin’s value dropped sharply just one day after its release, causing many fans and investors to be upset.
The coin was introduced on the Pump.fun platform and quickly gained attention. However, by Thursday morning, its value had fallen over 93%, trading at $0.000010.
Beyond Boders further reports that Davido partnered with major blockchain platforms Phantom and Solana to create the $Davido coin. Despite the initial excitement, the rapid decline in value has left many feeling disillusioned.
According to CoinMarketCap, the token was trading at $0.000010 on Thursday morning, a significant drop from its highest point on Wednesday.
Meme coins are digital tokens inspired by internet memes. The first and most famous of these is Dogecoin (DOGE), which became popular in 2013 and remains one of the top 10 largest cryptocurrencies, with a market value of over $8 billion.
See post below for further details:
Backlash as Davido’s meme coin crashes over 90% in valuehttps://t.co/ZDJ1ZncdJW
— Punch Newspapers (@MobilePunch) May 30, 2024
Social media has been buzzing with complaints from disappointed fans and investors.
Many expressed their frustration over the sudden loss in value, feeling misled and financially hurt. See reactions below:
lidocaine_v2: “Where is my money? I used my japa funds to invest in $DAVIDO like you advised. Give me my money back”
kennethvictor0: “Mr Investor”
Ugochukwu_96: “I just pity all those who invested in the rubb!sh coin of yesterday. Many people lost their hard-earned money because they are too stubborn. Today, you’re giving to the orphanage to receive public praise. Same script all the time.Take from Peter and give Paul. No wahala na onchain”
peacememso: “Too early”
Crypto_omo: “You did not announce when the project was at 8-9mc. Procrastination.”
Olami_19: “Wey tin dem dey expect from meme coin ? Abi dem mumu ni”
