Memecoins
Backlash as Davido meme coin crashes by over 90% in value
Popular Nigerian singer David Adeleke popularly known as Davido unveiled a meme coin called $Davido on Wednesday, May 29.
However, his meme coin faced heavy criticism from Nigerians after its value plummeted just a day after its release.
On the Pump.fun platform, the coin quickly gained attention, but saw a sharp drop of over 93% in value, trading at $0.000010 as of Thursday morning.
Social media platforms were flooded with comments from disappointed investors and fans, expressing frustration over the coin’s rapidly falling value.
The coin’s rapid decline in value has sparked widespread criticism and disappointment among Davido’s fans, many of whom feel misled and suffered financial losses as fans and investors took to his comments section to express their disappointment and frustration.
A tweet from #lidocaine_v2 read: “Where is my money? I used my Japanese funds to invest in $DAVIDO as you advised. Give me my money back »
Another tweet from #Ugochukwu_96 read: “I just pity everyone who invested in yesterday’s coins. Many people have lost their hard-earned money because they are too stubborn. Today you donate to the orphanage to receive public praise. Same scenario all the time. Take Peter and give him to Paul. No wahala na onchain »
Davido has partnered with leading blockchain platforms Phantom and Solana to realize his vision as the $Davido meme coin attracts attention, captivating both fans and investors.
Data from CoinMarketCap shows the token was trading at $0.000010 on Thursday morning, down more than 93% from its high point on Wednesday when it launched.
Meme coins are digital tokens inspired by Internet memes.
The pioneering cryptocurrency in this genre is Dogecoin (DOGE), which attracted considerable attention when it launched in 2013.
Dogecoin currently remains one of the top 10 largest cryptocurrencies, with a market capitalization of just over $8 billion.
Source: David