Breaking News: Davido's Crypto Venture Sparks Controversy as Followers Left Empty-Handed❗❗❗

Yesterday, Afrobeat Super Star Davido and his team embarked on creating a cryptocurrency named after him. The project aimed to leverage his fame within the blockchain industry. The project's developer, likely a member of his team, provided $1,275 in startup capital. With this, Davido purchased 7.5 SOL to establish the token. Additionally, he invested 7 SOL in the Pump Eco System, spending $1,190 to acquire 203 million DAVIDO tokens, equivalent to 20.3% of the total supply.

Following the token's creation, Davido took to Twitter to announce its launch, sparking a surge in market cap as his fans eagerly invested. The token's value skyrocketed by over 1000%. Seizing the opportunity, Davido cashed out $200,000 in profit, initially causing concern among his followers. Despite reassurances, he proceeded to dump another $245,000, leaving only $207k worth of DAVIDO in his wallet.

This overnight move resulted in the defrauding of innocent retail investors, who had purchased the project heavily promoted by Davido, of over 700 million naira ($445,000). Davido's actions reflect a pattern of grifting, not his first instance, as seen with previous ventures like $echoke and Racksterli. Such behavior only reinforces skepticism towards cryptocurrency in Nigeria, perpetuating the misconception that it's a fraudulent investment.

However, with less greed and foresight, Davido could have potentially made over $500,000 more in profit, benefiting both himself and the investors. Yet, his actions suggest a departure from his own maxim of "We rise by lifting others up," opting instead to exploit his followers for personal gain.

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