The Nigerian Federal Government cautioned citizens against investing in the crypto token associated with music star David Adeleke, popularly known as Davido. Davido had unveiled the meme coin inspired by himself last month.
The digital currency named “Timeless Davido” ($DAVIDO) generated enthusiasm among the singer’s fans and supporters.
Davido collaborated with the blockchain platforms Phantom and Solana to finalize the initiative. At first, $DAVIDO surged dramatically, reaching a market cap of $10 million within four hours and gaining momentum on DEX Screener.
The celebration was brief, as the coin’s value declined on Thursday. Shortly after facing criticism from a substantial number of disgruntled users, the former DMW head welcomed all early members of the $DAVIDO community.
He also mentioned that some individuals had been lucky to earn $100 through the Solana platform.
Security and Exchange Commission SEC stated on Friday warning the public about the high risks associated with investing in the meme coin, emphasizing that it does not recognize $Davido as an investment product or investable asset class under its regulatory purview.