Nigerian singer cashes out massive returns from his new memecoin: $DAVIDO down 95%

Nigerian musician Davido has netted massive returns after selling his newly launched $DAVIDO memecoin hours after it went live on May 29.

Davido(@davido) launched a token named $DAVIDO and made a profit of 2,783 $SOL($473K) in just 11 hours, also has an unrealized profit of $207K.

11 hours ago, he received 7.5 $SOL($1,275) as start-up capital, created $DAVIDO on https://t.co/C909I8882s and spent 7 $SOL($1,190) to… pic.twitter.com/3ObDhsMbOU

— Lookonchain (@lookonchain) May 30, 2024

The American-born singer created the altcoin on Wednesday through Pump.fun.

He received Solana worth $1,275 (7.5 SOL tokens) as initial capital and used $1,190 (7SOL) to purchase 203 million $DAVIDO coins – over 20% of the overall supply.

Davido dumps memecoin after launch

The altcoin attracted a significant following, with more than 59K buys within a day.

Moreover, $DAVIDO had over 5K holders within six hours of launch, with trading volume exceeding $60 million.

While such figures could attract listing from top-tier exchanges, the musician converted 121.88 million tokens to 2,791 SOL, accumulating around $474,400 in returns.

Scan.io data shows Davido sent 20 million tokens to “dead1111…1111,” remaining with 61.12 million $DAVIDO, worth $207K.

Community reacts

While the singer is yet to comment on the matter, $DAVIDO’s performance after launch attracted the attention of crypto enthusiasts.

One X user remained disappointed that Davido and his team could not allow the new memecoin to gain momentum.

He pointed out that the token could have attracted leading exchanges like PepeCoin (PEPE), considering Davido’s popularity as an international artist.

Meanwhile, @Toobbss revealed that the African singer tends to dump digital coins on his followers, with the recent incident being the second within three years.

Arguably Africa’s richest musician, @davido has dumped crypto on his fans twice in 3years $DAVIDO Saida boj

He shilled RapDoge in 2021 and dumped $300k on his followers.

Thread 🧵 pic.twitter.com/L9GNL1ePZN

— Tobi.plena (@Toobbss) May 30, 2024

Davido promoted RapDoge in 2021 before dumping over $300K on his fans.

Meanwhile, Davido’s moves within the cryptocurrency world come as celebrity meme assets gain traction.

Iggy Azalea also launched her token $MOTHER. Nevertheless, these launches have attracted controversy, putting investors at risk of possible pump-and-dump frauds.

For instance, cryptocurrency promoter Sahil Arora scammed traders over $380K in Iggy Azalea coin presale.

ICYMI: Crypto promoter Sahil Arora allegedly scammed investors out of $380,000 in a presale for an Iggy Azalea token

Despite the rapper launching her own meme coin $MOTHER and denouncing any association with him. pic.twitter.com/fb7Wb3ntZr

— BlockNews.com (@blocknewsdotcom) May 29, 2024

Despite slamming Arora on X, the promoter teased an upcoming celebrity partnership on his Telegram group.

He then dropped a cryptocurrency wallet for interested participants to send SOL tokens to join the presale of the upcoming $MOTHER launch.

DAVIDO price crashes

The altcoin responded to the developments with enormous declines, down around 95% from its highest level since launching.

$DAVIDO 1D Chart on ConGecko

Timeless Davido hovered at $0.00203 during this publication, with over $61.98 million in 24-hour trading volume.

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