Nigerian Singer Davido Dumps $DAVIDO Less Than 12 Hours of Launch. A Rugpull?
An X user, ZachXBT, has raised concerns about the legitimacy of Nigerian celebrity Davido (David Adedeji Adeleke) new token, pointing to his past involvement in controversial projects. Notorious for exposing crypto scam projects and rug pulls, ZachXBT has uncovered several NFT projects and influencers, including BitBoy and Tai Lopez.
ZachXBT Calls Out $Davido Memecoin.
In his recent probe, the renowned crypto detective said about the newly launched project of the Nigerian musician, popularly known as Davido, “These d-tier celebs you keep supporting mostly have already launched or promoted multiple scams in the past.”
ZachXBT pointed out several projects that Davido had supported in the past that fell through, like RapDoge and Echoke. Additionally, he added Racksterli, an enormous Nigerian Ponzi scheme that caused many of its subscribers to lose billions of naira.
Cautioning potential investors about projects promoted by celebrities, he continued in his tweet, “Now, because they come back and make one post, do you think this time will be different with a PND meme coin? Their sole interest is to extract $$$ for minimal effort.”
Davido Realizes Over $470K From His Newly Launched Memecoin
The famous Nigerian musician with a large fan base recently released a new token, $Davido, on the Solana Network. On-chain data revealed on Thursday that Davido made over $470,000 in profits 11 hours after launching the project.
Following its release, Davido purchased 203M worth of his new token for 7 SOL, an estimated $1,115 at press time. On-chain data also revealed that he sent about 20M worth of $DAVIDO to another wallet, leaving him with 61.12M $DAVIDO($207K) left.
Davido(@davido) launched a token named $DAVIDO and made a profit of 2,783 $SOL($473K) in just 11 hours, also has an unrealized profit of $207K.
11 hours ago, he received 7.5 $SOL($1,275) as start-up capital, created $DAVIDO on https://t.co/C909I8882s and spent 7 $SOL($1,190) to… pic.twitter.com/3ObDhsMbOU
— Lookonchain (@lookonchain) May 30, 2024
Eminem Advertises for Crypto.com
Davido is not the only celebrity to venture into the crypto space. A past report showed that American musician and rapper Eminem promoted Singapore-based crypto exchange Crypto.com after actor Matt Damon did a commercial for the platform in October 2021.
In addition, Eminem, in addition to promoting Crypto.com, owns one of the non-fungible tokens (NFTs) issued by Bored Ape Yacht Club (BAYC).
As numerous celebrities launch and endorse various cryptocurrency projects, it is imperative for investors to conduct thorough personal research before making an informed decision to invest in any of these projects, especially after reports of scam projects.