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Davido’s New Crypto Token, $DAVIDO, Lost 93% After Launch

Davido’s New Crypto Token, $DAVIDO, Lost 93% After Launch 9

Davido’s New Crypto Token, $DAVIDO, Lost 93% After Launch

Nigeria’s Afrobeat superstar, David  Adeleke (Davido), on Wednesday, announced the launch of a crypto token or meme coin inspired by himself – “Timeless Davido” ($DAVIDO).

Timeless Davido ($DAVIDO) is the latest addition to the new wave of celebrity-themed meme coins making the news in the crypto industry at the moment.

Davido announced the launch of the $Davido token on his X handle on Wednesday and the tweet was acknowledged by the official Solana handle.

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This resulted in a frenzy in the Nigerian X space and a surge in the market capitalization of the token hours after its launch.

Although the rave around the token has cooled off just a day after its launch, here are five important things to note about the $Davido token.

Launched on Solana blockchain 

The $Davido token was launched on the Solana blockchain and it was created on Wednesday using the popular Platform Pump Fun which allows crypto users to create a token in a matter of minutes.

Crypto research tool, Lookonchain, reported that Davido received 7.5 SOL worth $1,275 as startup capital which he used to create the $Davido token.

The Solana blockchain is known for processing over 65,000 transactions in a second and has low fees. 1 Sol is currently worth N238,769

Profit of $473,000 in 11 hours 

After creating his $Davido token with his 7.5 SOL initial capital, Davido spent 7 SOL to buy 203 million $Davido tokens which made up about 20.3% of the total supply.

He sold 121.88 million $Davido tokens, making a profit of over $473,000 in just 11 hours. He still has an unrealized profit of $207,000.

$Davido Token Value Has Plunged By 93% 

Despite the excitement and the rave created online by the launch of the $Davido tokens, the party was short-lived as the meme coin lost over 93% of its value by the next day.

The token is currently down by 93% from its highest point on Wednesday.

According to data from CoinMarketCap, the coin is currently trading at $0.000010 just a day after its launch. The coin also has a current liquidity of $291,000.

Not Davido’s First Crypto Project 

$Davido token launch is not the first time the Afrobeat superstar has gotten involved in the wild world of cryptocurrencies.

It was reported that the superstar previously launched $echoke on the Binance Smart Chain to provide a host of services, including non-fungible tokens, entertainment, media, and hospitality. The project was short-lived and was long forgotten.

He also promoted Racksterli, a Ponzi scheme that allegedly defrauded users of ₦1 billion, on YouTube, prompting backlash and arguments for a more responsible use of his star power. 

The journey for the newly launched $Davido token remains uncertain for long-term holders of the token given the unsavory news of the coin losing 93% of its value the next day.

What To Know

The $Davido meme coin is the latest addition to the recent wave of celebrity-themed tokens in the crypto industry. It remains uncertain the long-term trajectory of the $Davido token and whether it would be able to increase its valuation allowing its long-term holders to profit from it.

Memecoins are increasingly becoming a very important part of the crypto industry with an overall market cap of about $66 billion.

Nairametrics earlier reported the top five promising memecoins of 2024 who are currently increasing in valuation and pulling a bullish trend in the crypto market.

Disclaimer: The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Davido’s New Crypto Token, $DAVIDO, Lost 93% After Launch




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