Connect with us

Entertainment

Singer Davido launches own meme coin, $Davido, cashes out $474,400 in one day

Published

on

Nigerian Afrobeate singer, David Adeleke, popularly known as Davido, has announced his presence in the cryptocurrency world with the introduction of his own meme coin, $Davido.

The meme coin which was launched on Wednesday, is currently priced at $0.007783 USD and has quickly gained popularity, according to industry watchers.

The launch of $Davido, will mark Davido’s third go-around in crypto after he had earlier backed and promoted “Timeless Davido” crypto token with the release of his globally acclaimed album last year.

The $Davido coin was launched on the Solana blockchain and immediately broke through the noise of other obscure crypto tokens.

The platform which welcomed the rollout of the coin said on X:

“Solana just ships. Welcome Davido,” as the $Davido raced to a $10 million market capitalisation four hours after its launch and by Thursday, had continued to soar with several celebrities endorsing the coin.

However, the excitement on the $Davido was short-lived as its valuation had dipped 90 and per DEX screener, the coin’s liquidity was $291,000 at the time of this report.

But other reports indicate that the American-born superstar had already cashed out with massive profits from the newly created meme coin.

According to Lookonchain, Davido created the token on May 29 using the popular memecoin launchpad Pump.fun. The singer received 7.5 SOL ($1,275) as start-up capital and spent 7 SOL ($1,190) to buy 203 million DAVIDO (20.3% of the total supply, and barely 11 hours after creating the meme coin and promoting it on his X social account, the singer had gained 15.3 million followers while offloading 121.88 million and generating about $474,400 from the sale.

This was not the “Unavailable” crooner’s first crypto rodeo. In November 2021, he had launched $echoke on the Binance Smart Chain which he said was to “provide access to giveaways, NFTs, festivals, exclusive merchandise, and other entertainment, media, and hospitality benefits.”

He also promoted Racksterli, a Ponzi scheme that allegedly defrauded users of ₦1 billion, on YouTube, prompting serious backlash from Nigerians.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now