Nigerian crypto community raises alarm over Davido meme token

Davido has remained silent amid criticism about pump-and-dump schemes and regulatory scrutiny.

Afro-pop star Davido’s management of his newly launched meme token, DAVIDO, has drawn criticism from the Nigerian crypto community. Many believe that a token dump may soon be part of his plans.

According to Lookonchain, Davido made a considerable profit of 2,783 SOL ($473,000) in just 11 hours by selling his DAVIDO memecoin after its launch on May 29. The singer still has an unrealized profit of $207,000.

Davido had received an initial investment of 7.5 SOL (worth $1,275) and then used 7 SOL ($1,190) to create and launch his DAVIDO token on the platform, purchasing 203 million DAVIDO tokens, representing 20.3% of the total supply.

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