Nigerians react as Davido's $DAVIDO meme coin crashes


Nigerians and affected individuals have expressed dissatisfaction with the value of Afrobeats singer, Davido's newly launched meme coin, $DAVIDO, after it reportedly plummeted by 90% shortly after its launch.

On Wednesday, May 29, 2024, OBO announced the meme coin, which operates on the Solana blockchain. Initially, $DAVIDO saw a rise, reaching a market capitalization of $10 million within four hours and attracting substantial attention on DEX Screener. However, the joy was short-lived as the coin's value crashed the following morning, Thursday, May 30, 2024.

The rapid decrease in the coin's value has prompted significant criticism and dissatisfaction among Davido's followers, many of whom believe they were misled and have suffered financial losses. Fans and investors took to his comment sections to vent their anger and frustration. A popular Twitter influencer, @effizzzyy, publicly called out the musician and derisively referred to him as "419," a Nigerian slang term for fraudsters.

In response to the backlash, Davido appeared to deflect attention by sharing a letter from the Coalition of Orphanages Homes in Nigeria (COCHIN) thanking him for his generous donation.

Another influencer, @farmercist_eth, alleged investing their school fees in the internet token, which has now drastically depreciated. "I put my school fees into DAVIDOS coin. 150,000 naira it’s now 50 naira. Please help me."