- Enoch Oyedibu
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Crypto experts have accused Davido of perpetrating a crypto scam which is going to incredibly affect the business of others in the crypto world.
Since the twilight of last Month Nigerian artist, Davido, has launched his meme coin, panic, fear and regret have grappled the hearts of many who invested in the coin. But Davido, obviously, seems unruffled.
Davido has recently posted on his X account that “Dem go feel it.” This is translated to mean, “you’ll or they’ll feel it.” Davido posted this, days after his coin plummeted drastically and bitterly.
Several young and old investors, most of which are his musical fans, have constantly let out their grievances after the coin starts to plummet on May 30, a day after the launch.
An X account, @the_smallie posted that “Davido left the studio and came to give us assurance that we will all make it before he posted his coin $Davido for us to buy.
“As I speak to you, many people are now handicapped on the streets as Davido have used Crypto to cripple their money.”
To date, crypto experts have accused Davido of perpetrating a crypto scam which is going to incredibly affect the business of others in the crypto world.
Shortly, before the coin plummeted, Davido was alleged to have pocketed over $468,000, which he probably offloaded after selling his recently launched meme coin before it crashes.
A prominent Nigerian crypto enthusiast claims Davido’s actions create problems for many legitimate crypto businesses and startups operating in good faith.
Rume Ophi, a prominent crypto and blockchain educator, strongly criticized the Afrobeats superstar Davido for perpetrating an “outright scam.”
Hours before the meme coin’s spectacular collapse, Ophi had informed Davido’s followers who purchased the token that they were likely victims of the singer’s latest crypto scam.
“If you bought the $DAVIDO meme coin expecting to cash out profits, I’m here to tell you that you were outright scammed by Davido himself. This is textbook behavior for a crypto rug pull scam,” Ophi, who is also known as the cryptopreacher, warned.
Ophi noted that if U.S. citizens also invested in the meme coins, there is a distinct possibility that U.S. regulators would pursue Davido. In addition to his troubles, Davido’s token event is likely to cause issues for “many legitimate businesses and startups operating in good faith across our crypto markets.”
The Nigerian musician and celebrity, Davido, stands accused of orchestrating another pump-and-dump scheme after his latest crypto token surged by 200% before plummeting 56% just an hour later. According to a report, the Nigerian celebrity purchased 203 million DAVIDO or 20.3% of the token’s total supply using seven SOL tokens. Davido subsequently sold 121.88 million of these and pocketed a profit of 2,791 SOL (approximately $474,000).
The Nigerian singer, known for his substantial social media following, reportedly launched the token on May 29 using the meme coin launchpad Pump.fun. He actively promoted the meme coin to his followers before offloading millions of it on May 30.
In July 2021, Bitcoin.com News reported that Davido vigorously promoted the so-called deflationary token rapdoge, encouraging his followers to buy it. The token’s value briefly surged by 100% before returning to pre-promotion levels. Prior to that, Davido also promoted another token, racksterli, which suffered a similar fate.
Read Also: Davido’s Meme Coin Plummets, Leaving Fans Stunned and Broke
Enoch Oyedibu
I am a writer and investigative journalist who specialises in literary criticism and underrepresented narratives. Among other publications, I have been featured in Business Day Nigeria, TheICIR, Platform Times and Daily Nigerian. Right now, I work as a full-time staff writer for Unconventional Magazine.
