- Davido launched a celebrity meme coin.
- The token was launched via Pump.fun.
- The singer sold tokens millions of hours after launch, triggering a sharp price drop.
American-born Nigerian singer Davido cashed out massive profits from newly created memecoin DAVIDO just hours after the token was launched on Wednesday.
According to Lookonchain, Davido created the token on May 29 using Pump.fun, a popular memecoin launchpad. The singer received 7.5 SOL ($1,275) as start-up capital and used 7 SOL ($1,190) to purchase 203 million DAVIDO (20.3% of total supply).
MASSIVE DAVIDO DUMP TIME AFTER RELEASE
Eleven hours after creating the memecoin and promoting it on his
Afterwards, the singer called ‘dead1111…’ I sent 20 million DAVIDO to ‘1111’, and 61.12 million DAVIDO (equivalent to about $207,000 at the time) was left in my wallet.
Davido has yet to comment on the massive dump, but its effects were later reflected in the market, so it went unnoticed for a long time. DAVIDO is down more than 90% from Wednesday’s peak, according to GeckoTerminal data.
At last check, Mimcoin had lost 72.41% in the last 6 hours to change hands at 0.001933 and had a market capitalization of $2 million. According to the data, users have performed 7,619 transactions with tokens so far, contributing to a trading volume of $171,390.
Meanwhile, Davido was still promoting memecoin on his X account even after development. He urged DAVIDO holders to “HODL”, driving Memcoin’s market capitalization to $30 million.
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