Davido has further expanded his portfolio venturing into the world of cryptocurrency with the launch of his meme coin, $DAVIDO. This is coming a few years after the singer endorsed a Ponzi scheme, Racksterilli that scammed scores of Nigerians and made away with their money.
The ‘Unavailable crooner’ took to his X account to announce the launch by sharing a screenshot of his coin, which operates on Solana’s blockchain platform, ranking number one on DEX Screener.
He wrote: “It’s just ME! #1 on DexTools 🔥⏳✨”
After Solana officially welcomed him, Davido wrote: “The King of SOL is here ! $DAVIDO.”
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Barely a few hours after the launching and announcement the coin priced at USD 0.007783, gained popularity since its release on Wednesday, May 29, 2024, as the singer’s fans from across Nigeria quickly invested, leading to numerous positive testimonials, while some speculated that it might be a scam.
Davido’s entry into the world of cryptocurrency coincides with the current ease of launching a digital currency. With the Pump platform, individuals can create their digital tokens in a matter of minutes. Unfortunately, this accessibility has also led to an increase in scams, pump-and-dump schemes, and wash sales.
How Davido’s Endorsement Of Racksterili Made People Lose Their Investment
In 2021, Nigerians called on security operatives to arrest Davido and other celebrities for endorsing and advertising a Ponzi scheme company, RackSterli, which allegedly defrauded many people.
The celebrities were seen in viral videos promoting the platform, prompting people to invest in it
Aside from other celebrities who endorsed the investment scheme, Davido ‘s endorsement of it made many Nigerians give the investment a shot because they believed that they were about to make fortunes just by putting a little of their money to work.
Surprisingly to many, Racksterli did not last up to a year before its investors started taking to social media to lament how they had been scammed.
The Ponzi-like initiative was owned by one Michael Oti Chidibere popularly known as Blackgold, and offers its subscribers different packages, including Standard, Diamond, Premium, Ruby, Platinum, Emerald, and Gold up to Topaz. There are 11 in separate packages.
A check on www.racksterli.org showed that RackSterli’s website has crashed, leaving investors due for payment stranded.
Some subscribers who invested in the scheme without getting returns blasted Davido because it is lot of Nigerians have fallen victim to this all because Davido was involved.
Meanwhile, despite all being called out on multiple occasions after many people’s life savings all vanished into thin air, the singer kept mum about it to date.
Not long after Racksterli crashed, Davido took to his Twitter handle to promote yet another scheme, Rapdoge, and advised his followers to take advantage of the offer.
In one of his tweets, the pop artist told his over 9.5 million followers to “buy $20, $100 or $1000 worth of Rapdoge tokens and be ready to make some money.” A second tweet had Davido asking them, “Who listened to me about Rapoge?”
This development from Davido didn’t sit well with a section of his followers and this is due to the fact following the crash of the Racksterli Davido was reported to have ceased tweeting about Racksterli and this has prompted some sections of his followers to hold the same belief for the RapDoge.
Some of his followers went on to suggest that the pop artist ought to verify the authenticity of the RapDoge project before promoting it.
However, rapdoge which was touted as the upcoming major meme coin by its promoters, experienced a decrease in value back to its original levels before the hype.
Update On Davido’s Memecoin
The crypto token DAVIDO, created by musician Davido, experienced a significant decline just one day after its launch. According to data from CoinMarketCap, the token’s value dropped to $0.000010 on Thursday morning, marking a decrease of more than 93% from its peak on Wednesday.
The occurrence of this decline occurred after the disclosure of on-chain data indicating that Davido was withdrawing funds. According to Lookonchain, Davido created the meme coin using the popular platform known as Pump. fun. He acquired 7.5 Solana tokens valued at $1,275 and successfully generated his very own $DAVIDO token.
He then bought 203 million DAVIDO tokens and sold some of them, making a profit of over $473k. He was sitting on an unrealized profit of over $207k.
