The cryptocurrency community is buzzing with criticism over pop artist Davido’s handling of his newly released meme token, $DAVIDO.

On-chain data from Lookonchain reveals that Davido (@davido) launched the token and made a significant profit of 2,783 SOL ($473K) in just 11 hours, with an additional unrealized profit of $207K.

According to the reports, Davido initially received 7.5 SOL ($1,275) as start-up capital and proceeded to create $DAVIDO on the platform pump.fun. He then invested 7 SOL ($1,190) to acquire 203 million $DAVIDO tokens, which accounted for 20.3% of the total supply. 

Davido(@davido) launched a token named $DAVIDO and made a profit of 2,783 $SOL($473K) in just 11 hours, also has an unrealized profit of $207K.

11 hours ago, he received 7.5 $SOL($1,275) as start-up capital, created $DAVIDO on https://t.co/C909I8882s and spent 7 $SOL($1,190) to… pic.twitter.com/3ObDhsMbOU

— Lookonchain (@lookonchain) May 30, 2024

In a short span, Davido sold 121.88 million $DAVIDO tokens for 2,791 SOL ($474.4K). He also sent 20 million $DAVIDO tokens to a burn address, “dead1111…1111”, effectively removing them from circulation. This move left him with 61.12 million $DAVIDO tokens, currently valued at $207K.

While the rapid financial gain might seem impressive, it has sparked backlash within the crypto community. Critics argue that Davido’s actions could be seen as manipulating the market for personal gain, raising ethical concerns about the transparency and integrity of such celebrity-endorsed crypto projects. 

The controversy highlights the potential pitfalls of celebrity involvement in the crypto space, where the lines between promotion and exploitation can quickly blur. As the market continues to grow and attract high-profile figures, the need for responsible and transparent practices becomes increasingly critical to maintain trust and stability within the community. 

Davido’s case serves as a reminder for investors to exercise caution and conduct thorough research before diving into celebrity-backed cryptocurrencies.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: surachaipung/123RF // Image Effects by Colorcinch

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