Nigerians lament as Davido’s meme coin crashes over 90% in value

Nigeria’s popular singer, David Adeleke, known as Davido, has unveiled a meme coin called $Davido on Wednesday, May 29.

However, his meme coin has faced significant criticism from Nigerians after its value plummeted just a day after its release.

The Pump.fun platform, the coin quickly garnered attention but saw a steep decline of over 93 per cent in its value, trading at $0.000010 as of Thursday morning.

Social media platforms have been flooded with comments from disappointed investors and fans, expressing their frustration over the coin’s rapid drop in value.

The swift decline in the coin’s value has sparked widespread criticism and disappointment among Davido’s fanbase, many of whom feel misled and have incurred financial losses as fans and investors took to his comment section to express their disappointment and frustration.

A tweep by #lidocaine_v2 said, “Where is my money? I used my japa funds to invest in $DAVIDO like you advised. Give me my money back”

Another tweep from #Ugochukwu_96 read, “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 ”

Davido teamed up with leading blockchain platforms Phantom and Solana to realise his vision as the $Davido meme coin garners attention, captivating both fans and investors.

Data by CoinMarketCap shows that the token was trading at $0.000010 on Thursday morning, down by over 93 percent from its highest point on Wednesday when it was launched.

Meme coins are digital tokens inspired by internet memes.

The pioneering cryptocurrency in this genre is Dogecoin (DOGE), which gained considerable attention upon its launch in 2013.

Dogecoin remains one of the top 10 largest cryptocurrencies currently, boasting a market capitalization of just over $8 billion.

Get real time updates directly on you device, subscribe now.