Afro-pop star Davido has faced backlash from the Nigerian crypto community for his management of the newly launched meme token, DAVIDO. Critics speculate that a token dump may be on the horizon. Davido reportedly made a profit of 2,783 SOL ($473,000) within 11 hours by selling his DAVIDO memecoin shortly after its launch. Despite this, he still holds an unrealized profit of $207,000. The community has expressed concerns over Davido's actions, with some suggesting that he should have focused on advocating for regulatory clarity in Nigeria's crypto space instead of launching his own token. This move has raised fears of a potential pump-and-dump scheme and could attract regulatory scrutiny. Davido's history of dumping digital coins on his fans has further fueled criticism, with some disappointed followers highlighting the risks associated with celebrity-backed cryptocurrency launches. Read more AI-generated news on: https://app.chaingpt.org/news