“Just Like That”: Davido Launches Crypto Coin, Value Crashes in Less Than 4 Hours, Nigerians React
- Nigerian music superstar Davido launched his cryptocurrency, DavidoCoin, on Wednesday, May 29
- The new coin generated excitement among his fans and the crypto community, which helped the value rise significantly
- However, within hours, the excitement waned, and the value of the new coin depreciated rapidly, leaving Nigerians surprised
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Nigerian singer David Adedeji Adeleke, popularly known as Davido, has decided to play its card in the cryptocurrency arena by launching his meme coin, $Davido.
The crypto coin was launched on Wednesday, May 29, 2024, generating excitement among his fans and enthusiasts.
Source: Facebook
Davido partnered with prominent blockchain platforms Phantom and Solana to achieve his ambition.
Legit.ng understands that the coin, which was priced at $0.007783 at launch, quickly gained popularity after its release to the public.
The excitement helped push $DAVIDO market capitalisation to $10 million within four hours, gaining significant attention on DEX Screener, the Nation reports.
Davido crypto coin
However, the initial euphoria was short-lived, as the coin crashed drastically on Thursday, May 30, 2024.
Data shows that, at the time of writing, the value of the Davido coin has dropped by 91.95%, selling for $0.00001261.
Davido seems not to have given up and has used its strong social media presence to promote the coin.
Nigerians react to $Davido
The swift decline in the Davido coin has sparked reactions from Nigerians.
lidocaine_v2 wrote:
“Where is my money? I used my japa funds to invest in $DAVIDO like you advised. Give me my money back”
Ugochukwu_96 also said:
“I just pity all those who invested in the rubb!sh coin of yesterday. Many people lost their hard-earned money because they are too stubborn Today you’re giving to the orphanage to receive public praise. Same script all the time Take from Peter and give Paul. No wahala na onchain “
Tobichoplife he added:
“This ended in tears for your fans and a lot of people”
Chiemex also commented:
"Just like that, the coin value has dropped."
Expert speaks
Crypto expert Lucky Inikori chatted with Legit.ng and explained that the performance of the Davido new coin is usual.
"What Davido launched is called a meme coin, which is most often associated with popular trends and celebrities.
"This type of cryptocurrency is very volatile and not advisable for investment. As you can see, the value of the coin has depreciated by over 90% in hours. It may rise again, depending on its popularity, and fall just as quickly as it rises."
Man buys AC with money earned from Notcoin
Meanwhile, a Nigerian youth happily showcased the air conditioner he purchased thanks to earnings from Notcoin.
He posed with the AC and urged crypto enthusiasts to keep tapping to take advantage of Tapswap mining.;
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Source: Legit.ng
