David Adeleke, also known as Davido, has come under fire from disappointed investors and fans, who have expressed their frustration, over the rapid drop in value of his crypto coin.
On Wednesday, May 29, he unveiled a meme coin called $Davido, but its value plummeted just a day after its release.
The idea behind the project was to leverage his fame to sell it in the blockchain industry.
The coin quickly garnered attention and in the frenzy that followed, the token’s price went up by over 1000%.
It would later experience a steep decline of over 93 percent in its value, trading at $0.000010 as of Thursday morning and him cashing out over $400,000.
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 as fans and investors took to his comment section to express their disappointment and frustration.
This won’t be the first time Davido will be trading on cryptocurrency platforms.
In November 2021, he launched $echoke on the Binance Smart Chain to provide access to giveaways, NFTs, festivals, exclusive merchandise, and other entertainment, media, and hospitality benefits.
The short-lived project was soon forgotten.
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