Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»TRADING NEWS»Nigerian Superstar DAVIDO Meme Sparks Controversy Over Concerns About Coin Lug Pulling
TRADING NEWS

Nigerian Superstar DAVIDO Meme Sparks Controversy Over Concerns About Coin Lug Pulling

By Crypto FlexsMay 30, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Nigerian Superstar DAVIDO Meme Sparks Controversy Over Concerns About Coin Lug Pulling
Share
Facebook Twitter LinkedIn Pinterest Email
  • Davido’s $DAVIDO token launch raises pump-and-dump suspicions.
  • Critics cite its past involvement in promoting questionable cryptocurrency projects.
  • The debate over the impact of celebrity-sponsored meme coins is raging.

Nigerian superstar Davido has become embroiled in controversy after launching his own meme token, $DAVIDO, amid widespread controversy surrounding celebrity-backed meme coins.

The rapid rise in the value of $DAVIDO and subsequent collapse raised suspicions about pump-and-dump schemes and drew attention to the integrity of these ventures in the cryptocurrency space.

Davido reportedly pocketed $473,000 in 11 hours.

Davido reportedly made significant profits after the token was launched, earning a whopping $473,000 in just 11 hours.

According to his initial investment, he received 7.5 SOL ($1,275) in startup capital and used 7 SOL ($1,190) to create and launch $DAVIDO on Pump.fun, 203 million tokens, equivalent to 20.3% of the total supply. was found to have been obtained.

Davido then sold 121.88 million $DAVIDO tokens for 2,791 $SOL ($474.4K), making a profit of approximately $143,000.

However, there are concerns about the rug-pull plan, especially since the token’s value plummeted 95%, sending investors into a panic.

questionable integrity

Critics have pointed to Davido’s past involvement in promoting projects of questionable integrity, including RapDoge, Echoke, and Racksterli, as evidence of a pattern indicative of a profit-driven agenda.

These D-tier celebrities that you continue to support have already started or promoted scams several times in the past.

Example: Davido promoted RapDoge, Echoke and Racksterli (large investment Ponzis in Nigeria).

Now they’re back and I’m writing a post about what I think will be different this time…

— ZachXBT (@zachxbt) May 30, 2024

This has left the cryptocurrency community concerned about the motivations behind celebrity-endorsed tokens, while skeptics have questioned their commitment to genuine innovation and contribution to the ecosystem.

Proliferation of celebrity-endorsed meme coins

The $DAVIDO incident comes amid widespread discussion surrounding the proliferation of celebrity-endorsed meme coins.

While some see these initiatives as a means of onboarding new users to the cryptocurrency world, others warn against blindly supporting token launches, highlighting the potential for market manipulation and investor exploitation.

Several recent high-profile launches have reignited this debate, dividing opinions about its overall impact on the cryptocurrency industry.

As a member of the cryptocurrency community, Ansem acknowledges the need for caution and emphasizes the importance of engaging with celebrities who are interested in contributing to the cryptocurrency space. But voices like ZachXBT warn against placing too much trust in celebrities, especially those with a history of promoting scams and fraudulent projects.

The controversy surrounding Davido’s $DAVIDO token highlights the need for greater transparency, accountability, and investor education in the cryptocurrency industry.

As regulatory scrutiny of celebrity-backed projects looms, stakeholders must exercise diligence and discretion when navigating the volatile environment of meme coins and speculative investments.

Meanwhile, it remains to be seen whether celebrities like Davido can redeem their reputations and foster genuine collaboration, as the debate surrounding their role in the cryptocurrency ecosystem continues to evolve.


Share this article

category

tag

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Why Bakkt Holdings can buy Bitcoin with a $ 1 billion increase

June 27, 2025

Why I am still optimistic despite noise

June 26, 2025
Add A Comment

Comments are closed.

Recent Posts

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025
Most Popular

6 Major Projects Unlocking $174 Million Worth of Tokens This October

November 28, 2023

BlackRock and VanEck recently amended their spot Bitcoin ETF Form S-1 to address SEC comments.

January 9, 2024

How to set up your Digital Vault.

December 3, 2023
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.