Davido Adeleke, a superstar Afrobeat artist, is under fire after fans reported significant financial losses from investing in $DAVIDO meme coins. The controversy erupted just 24 hours after the initial investment.
The singer had established a meme cryptocurrency operating on Solana’s blockchain technology. The token quickly gained popularity, attracting numerous supporters who invested substantial amounts of money.
However, once the $DAVIDO coin saw a surge in investments, Davido allegedly cashed out his earnings. This action led to a sharp decline in the coin’s value. A fan shared a screenshot revealing the dramatic collapse, showing that his $150 investment had dwindled to just $20, an 86.6667% loss.
Fans took to the X platform to voice their frustration and accuse Davido of fraud. Many expressed their disappointment in the artist, feeling betrayed after believing in the potential of the cryptocurrency.
This incident has sparked a wider conversation about the risks of investing in meme coins and the responsibility of celebrities endorsing such ventures.
Reacting to the post;
Olamide0fficial noted: “Take from the poor to feed the poor. Davido’s math 😂”
thesheddyking penned: “Person say Davido don move from 003 to 419 😭.”
aideinfluence said: “I missed out on the first space. Came online, the PR was good and I thought he had created magic, so I bought the top. 30BG suppose fit run 30M nau. I waited until the midnight space, it was then I knew the mistake I made. The moment he spoke on that space, everyone started selling. I cried.”
yobrxxzy noted: “Davido as a musician grossed $192k. Davido as an influencer made $473k. Wizkid was right at the end of the day.”
FaruqBashar added: “Davido did same thing a lot of big crypto influencers did here to get rich, Gas up a project, then dump on the community. The game is the game, eat or get eaten.”
UnkleAyo stated: “I hope Davido knows that he can go to jail for coordinated scams. SEC currently has filed charges against Jake Paul, Soulja boy, Lil yachty and Lindsay Lohan. He’s also not a “first offender”. He’s not poor. I don’t know why he’s moving like a fool and a fraudster.”
