Nigeria’s Afrobeat superstar, David Adeleke (Davido), announced the launch of a crypto token, a meme coin inspired by himself, on Wednesday.
The token, known as “Timeless Davido” ($DAVIDO), joins the wave of celebrity-themed meme coins making headlines in the crypto industry.
Davido revealed the launch of the $Davido token on his X handle on Wednesday, with the official Solana handle acknowledging the tweet. This sparked a frenzy in the Nigerian X space and led to a surge in the market capitalization of the token within hours of its launch.
Although the initial excitement around the token has cooled off just a day after its launch, here are five important things to note about the $Davido token:
- Davido launched the $Davido token on the Solana blockchain on Wednesday using the Platform Pump Fun, which allows users to create a token in minutes. According to Lookonchain, Davido received 7.5 SOL, worth $1,275, as startup capital to create the $Davido token. The Solana blockchain processes over 65,000 transactions per second with low fees. Currently, 1 SOL is worth N238,769.
- Profit of $473,000 in 11 Hours After creating the $Davido token with his 7.5 SOL initial capital, Davido spent 7 SOL to buy 203 million $Davido tokens, which constituted about 20.3% of the total supply. He sold 121.88 million $Davido tokens, making a profit of over $473,000 in just 11 hours, and still has an unrealized profit of $207,000.
- $Davido Token Value Plunged by 93% Despite the initial excitement, the memecoin lost over 93% of its value by the next day. The token is currently trading at $0.000010, down 93% from its peak on Wednesday, with a current liquidity of $291,000, according to CoinMarketCap.
- Not Davido’s First Crypto Project This is not Davido’s first venture into cryptocurrencies. Previously, he launched $echoke on the Binance Smart Chain to offer services including non-fungible tokens, entertainment, media, and hospitality. However, that project was short-lived and has since been forgotten.
- Uncertain Future for Long-Term Holders The future of the $Davido token remains uncertain for long-term holders, given the significant drop in its value just a day after its launch.
