After the unfortunate debut of his new cryptocurrency token, David Adeleke, better known by his stage name Davido, is a Nigerian Afrobeat singer who is currently experiencing intense backlash. The “Timeless Davido” ($DAVIDO) coin saw a sharp decline, falling 93% soon after its initial rise.
The digital money first caused excitement among his supporters and admirers when it was introduced on Wednesday with great hoopla. With the help of blockchain platforms Phantom and Solana, the token’s value skyrocketed—it reached a $10 million market cap in just four hours and gained traction on DEX Screener. But they came to realise that the celebration was fleeting.
By Thursday night, investors were widely unhappy as the coin’s value had plummeted. Several people were seen expressing their annoyance and accusing him of misleading them on social networking platform X. Heexpressed gratitude to people that joined the $DAVIDO community early in response to the uproar, mentioning that some members had earned $100 through the Solana platform.
He wrote, “Those that joined the space with me and @blknoiz06 got to see me receive $100 via the @solana network and create my @phantom wallet in a matter of seconds! Thank you to everyone who signed up to be a part of the community last night!
Even after he made an effort to defuse the situation, fans and industry insiders continued to criticise. Wizkid, also known as Ayodeji Ibrahim Balogun, a Nigerian singer, made fun of it’s gaffe on X by teasing him with the line, “Work smart, make you no go dey hustle like a fool.”
Davido
Justin Gallum, a crypto analyst, was especially critical and suggested legal action. “I’m here to tell you that the singer himself was an outright scammer if you purchased the $DAVIDO meme coin with the intention of cashing out your gains. Rume, another expert who was featured on Channel TV and other media channels, remarked, “This is textbook behaviour for a crypto rug pull scam.”
Source: persecondsnews.com
