Nigerians Drag Davido As His Newly Launched $DAVIDO Coin Crashes: “I Put My School Fees Into It”

• A good number of frustrated internet users called out Davido over his newly launched Crypto Coin 
• The crypto coin was launched on Wednesday, May 29, 2024, causing a great deal of enthusiasm among his fans
• However, within hours, the value of the new coin plummeted swiftly, shocking many as they poured out their anger 
• Following the massive online agitation, Legit.ng had a brief chat with a Nigerian crypto expert on whether the singer can sued by those who feel they have been scammed

Nigerians and all affected persons have expressed their displeasure with the value of Afrobeats singer Davido's newly launched coin, $DAVIDO. The digital currency reportedly fell by 90% shortly after its launch.

On Wednesday, May 29, the former DMW boss announced the meme coin, which runs on the Solana blockchain.

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Is $Davido a scam? Reasons new token crashed from $10 million to $2.2 million emerges

Initially, $DAVIDO rose, reaching a market capitalization of $10 million in four hours and attracting substantial attention on DEX Screener.

However, the joy was short-lived, as the coin's value plummeted by the following morning, Thursday, May 30.

The fast decrease in the coin's value has prompted considerable criticism and dissatisfaction among Davido's followers, many of whom believe they were misled and have suffered financial losses. Fans and investors took to his comment area to vent their anger and fury. 

A popular  Twitter influencer @effizzzyy angrily called out the musician and taunted him with his "001" title by calling him "419", a Nigerian slang used for fraudsters, 

This was after the Unavailable hitmaker pretended no to know what was going on and shared a letter from the Coalition of Orphanages Homes in Nigeria (COCHIN) appreciating him over his generous donation to the body.

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Davido deletes his appreciation tweet after X flagged his crypto coin: "Beware, scammers alert"

See the tweet below:

Another X influencer @farmercist_eth, alleged that they invested their school fees in the internet token, which has taken a wrong turn.

"I put my school fees into DAVIDOS coin. 150,000 naira it’s now 50 naira. Please help me."

See the tweet below:

Can Davido be sued for his dipped crypto coin?

In a brief chat with a Nigerian crypto expert, he explained whether there are grounds to sue the singer for his dipped digital project $DAVIDO.

In his words:

"Yea, it is possible, but there is currently no evidence that he initiated the coin for the purpose of scamming people."

More reactions to Davido's crashed coin

Legit.ng compiled the reactions below:

@bj_rexx:

"This is what happens when you feel say you fit dey lift everybody. Now you don lift Anini."

@TheoAbuAgada:

"I’m familiar with your game but go on."

@Timmynaijaa:

"Because na #Davido una rush go put money, I have been inside this game for 10 years, my first Bitcoin was sold at $99 in 2013/14 Do not invest in cryptocurrency with emotions, the thing no dey send anybody, only the strong dey survive am. The rich will always milk the poor for more wealth. Read books you go understand life more."

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Davido accused of scam over post on cryptocurrency, netizens react: "Later U go dey do giveaway"

@HommiesDrey:

Davido can actually be jailed for $DAVIDO token if someone slams a lawsuit. Whoever dragged him into that, it was a bad advice. That was a clear Rug-pull."

@only1Richman:

"Can we talk about how you scammed thousands of Nigerians recently?"

@lidocaine_v2:

"OBO, Where is my money? I used my japa funds to invest in $DAVIDO like you advised. Give me my money back."

@Princelebura12:

"I wanted to ape into that trade and Then I heard a voice Say. My Son wait until tomorrow. Will join in when I see you guys at $30K - $50k mkt Cap. $DAVIDO or #30BG till now I don't know which is authentic."

Orphanages appreciate Davido

In a recently released letter, the Coalition of Orphanages and Children's Homes in Nigeria (COCHIN) appreciated Afrobeats star David Adeleke 'Davido' over his generous donation to the body.

In February 2024, Davido made headlines after announcing a whopping N300 million donation to orphanages nationwide.

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Davido sends message to fans amid his crashed crypto coin: "Thanks for joining my community"

COCHIN confirmed being a beneficiary of the singer's benevolent act. According to the body, 42 of the coalition's 52 members benefited from the donation. The coalition stressed that no Nigerian, including the government, had shown such support before.

Source: Legit.ng