Grammy-Nominated Afrobeats superstar Davido backs memecoin ‘Timeless Davido’ with ticker $Davido on the Solana blockchain. The token was launched with so much hype as the Solana team put out a tweet officially welcoming Davido to DeFi summer . The coin reached a 10million dollar valuation within few hours after launch before plummeting down to a 1million dollar valuation as many investors argue if this coin is a classic pump and dump scheme as the token had no clear utility and roadmap or if this was a natural market correction as early investors booked profits.
This isn’t Davido’s first foray into cryptocurrency. Back in 2021, he launched $echoke, a project that fizzled out quickly. He also faced criticism for promoting Racksterli, a suspected Ponzi scheme. So, when $DAVIDO emerged, eyebrows were already raised. He also promoted another memecoin Rapdoge in 2021 that also faded out.
Excitement quickly dwindled as the team behind the token sniped (20% of the supply) for 7sol and more than $500k by selling with 3 wallets . Onchain data backs this claim . It also quickly became clear Davido was not quite knowledgeable about how Crypto works when he joined a twitter space hosted by Ansem , a top Solana creator . Ansem runs an onlyfans replica on the Solana chain. Davido’s lack of knowledge caused lots of tension among crypto fans . Several top crypto players have reached out to Davido’s management to help create a roadmap and build utility around the token .
While some investors might have known they were getting into a volatile memecoin, they likely expected a chance to ride a wave and make some profit before the inevitable cool-down. However, in this case, it appears the creators may have been more interested in a quick buck at the expense of ordinary users. Davido’s management has remained silent on the issue, adding fuel to the fire of speculation and disappointment from fans who invested in the token.
The crypto community is divided on celebrities launching their own tokens. Is it helping adoption, or is it just a way for them to make a quick buck? Based on projects from other celebrities . It seems most Celebs launch memecoins to make a quick buck . The question remains if Davido’s coin would grow in valuation and also add some utility . Only time can tell the fate of this project.
