Nigerians React As Netizens-React To Plunge In Davido’s Meme Coin-Value (Details)

Nigerians React As Netizens-React To Plunge In Davido’s Meme Coin-Value (Details)

Netizens have expressed their frustration after the value of Davido’s meme coin, $DAVIDO, plummeted by 90% shortly after its launch.

The Grammy nominee David Adedeji Adeleke, popularly known as Davido, introduced the meme coin on Wednesday, May 29, operating on the Solana blockchain.

Initially, $DAVIDO saw a surge, reaching a $10 million market capitalization within four hours and gaining significant attention on DEX Screener. However, the excitement was short-lived, as the coin’s value drastically dropped by the following morning, Thursday, May 30.

The swift decline in the coin’s value has sparked widespread criticism and disappointment among Davido’s fanbase, many of whom feel misled and have incurred financial losses. Fans and investors took to his comment section to express their disappointment and frustration:

– **lidocaine_v2:** “Where is my money? I used my japa funds to invest in $DAVIDO like you advised. Give me my money back.”
– **Ugochukwu_96:** “I just pity all those who invested in the rubb!sh coin of yesterday. Many people lost their hard-earned money because they are too stubborn. Today you’re giving to the orphanage to receive public praise. Same script all the time. Take from Peter and give Paul. No wahala na onchain.”
– **Tobichoplife:** “This ended in tears for your fans and a lot of people.”

The sharp decline in $DAVIDO’s value has left many questioning the stability and reliability of meme coins, particularly those backed by celebrities.