Nigerian Pop Star Davido Accused of 'Pump and Dump' as $DAVIDO Memecoin Drops 90% on Solana

May 30, 2024, 12:03 PM

Nigerian pop star Davido has launched a memecoin named $DAVIDO on the Solana blockchain, generating significant controversy. Within 11 hours, Davido made a profit of 2,783 SOL ($473K) and has an unrealized profit of $207K. He received 7.5 SOL ($1,275) as start-up capital and spent 7 SOL to acquire 20.3% of the total tokens, which he later sold. The token's valuation surged by over 200% before crashing by 90% within 24 hours. The Solana official Twitter account posted about the token on May 30, and crypto analyst ZachXBT pointed out Davido's involvement in promoting Ponzi schemes. Davido, who has more than 15M followers, has sparked outrage among the Nigerian crypto community.