Nigerian Afrobeat singer, David Adeleke, popularly known as Davido, on Wednesday, announced the launch of a crypto token or memecoin inspired by himself.
The digital currency, known as “Timeless Davido” ($DAVIDO), sparked excitement among the singer’s fans and supporters.
Davido worked with the main blockchain platforms Phantom and Solana to complete his proposal.
Initially, $DAVIDO skyrocketed, hitting a market cap of $10 million in four hours and gaining momentum on DEX Screener.
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The jubilation was however short-lived, as the coin’s value dropped on Thursday.
Hours after being called out by a significant number of disgruntled X users, the former DMW head welcomed everyone who joined the $DAVIDO community early on.
He further said that some people were fortunate enough to win $100 via the Solana platform.
He tweeted: “Those who joined the space with me and @blknoiz06 got to witness me creating my @phantom wallet and receive $100 via the @solana network in a matter of seconds!”
“I want to thank everyone that joined the $DAVIDO community last night!”
Reacting to the development, Nigerian singer, Ayodeji Ibrahim Balogun aka Wizkid, taunted Davido.
“Work smart make you no go dey hustle like fool,” he said on X presumably sending a message to his colleague.
Justin Gallum, a cryptocurrency analyst did not mince words in stating that Davido should be put in jail.
“If you bought the $DAVIDO meme coin expecting to cash out profits, in here to tell you that you were outright scammed by Davido himself. This is textbook behaviour for a crypto rug pull scam,” said Rume, an Analyst on Channel TV and other media platforms.
Daily Trust reports that $Davido token launch is not the first time the Afrobeat superstar has got involved in the wild world of cryptocurrencies.
Techcabal reported that the superstar previously launched $echoke on the Binance Smart Chain to provide a host of services, including non-fungible tokens, entertainment, media, and hospitality.
However, the project was short-lived and was long forgotten.
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