Davido’s recently launched meme coin has faced intense criticism from Nigerians after its value plummeted by over 93% just a day after its release.
Jerrymusa.com reports that the coin, which initially gained attention on the Pump.fun platform, saw its value drop to $0.000010 by Thursday morning. Disappointed investors and fans took to social media to express their frustration, feeling misled and incurring financial losses.
Many fans and investors criticized Davido, with some even demanding a refund. For instance, one Twitter user, #lidocaine_v2, tweeted, “Where is my money? I invested in $DAVIDO with my savings, as you advised. Please refund me.”
Comments From Investors
Another user, #Ugochukwu_96, commented, “I feel sorry for those who invested in the worthless coin. Many people lost their hard-earned money due to their stubbornness.”
Davido had partnered with leading blockchain platforms Phantom and Solana to launch the $Davido meme coin, which garnered attention but ultimately lost significant value.
According to CoinMarketCap, the token’s value dropped by over 93% from its highest point on Wednesday to $0.000010 on Thursday morning.
Meme coins, like Dogecoin (DOGE), are digital tokens inspired by internet memes and have gained popularity in the cryptocurrency market.