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‘Where is my money?’, fans demand as Davido’s meme coin crashes

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Popular Nigerian singer, David Adeleke, also known as Davido, has been called out by his fans who want a refund after the singer’s meme coin called $Davido crashed.

The artist, on Wednesday, May 29, announced the launch of the meme coin on his personal X page.

Davido teamed up with leading blockchain platforms Phantom and Solana to realize his vision as the $Davido meme coin garners attention, captivating fans, and investors.

The coin quickly garnered attention, taking the token price to over 1000%, with the artist making a profit of over $473,000 in just 11 hours after creating his $Davido token with his 7.5 SOL initial capital but later experienced a steep decline of over 93% in value a day after its release.

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In 2021, Davido launched a coin named $echoke on the Binance Smart chain to provide access to giveaways, NFTs, festivals, exclusive merchandise, entertainment, hospitality, and media. However, the coin was short-lived and forgotten.

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

An X user, lidocaine_v2, wrote: “Where is my money? I used my japa funds to invest in $DAVIDO like you advised. Give me my money back.”

Another X user, Ugochukwu_96, said: “I just pity all those who invested in the rubb!sh coin of yesterday. Many people lost their hard-earned money because they were 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 on-chain “

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Fave BestFounder also reacting said: “Founder can’t operate phantom, founder can’t lock tokens, and you decide to own a coin and scam innocent Nigerians? This was a coordinate stuff between you and your people to pull out and dump on us.”

He further claimed that some selected persons were lucky to receive $100 via the Solana platform.

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He wrote, “Those who joined the space with me and @blknoiz06 got to witness me creating my @phantom wallet and receive $100 via the @solana network in seconds!”

In another post, flagged by an X feature called ‘community note’ as a scam, the artist wrote, “Join the community $DAVIDO! More spaces are coming soon, and you’ll be excited by who we have coming up next! @davidotoken_sol.”

Admist the fierce reactions from fans, Davido posted a press release from the Coalition of Orphanages and Children’s Homes in Nigeria
appreciating him for his generous donation to the body.

The artist had made the headlines in February 2024 when he announced a donation of N300 million to the body.

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