The Securities and Exchange Commission has warned the public against investing in the meme coin allegedly linked to the popular Nigerian singer, David Adedeji Adeleke, popularly known as Davido.
This was contained in a statement posted on the commission’s website on Friday.
SEC warned that anyone who patronises the meme coin, do so at their peril.
Davido had on May 29, unveiled a meme coin called $Davido.
The coin however faced significant criticism from Nigerians after its value plummeted just a day after its launch, losing 93 per cent in its value. It traded $0.000010.
Many fans of the musician lost their investment. This instantly caused a buzz on social media platforms as it was flooded with comments from disappointed investors and fans, expressing their frustration over the coin’s rapid drop in value.
The swift decline in the coin’s value also 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.
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