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Sunday, June 16, 2024

Excitement short-lived as $Davido loses 93% hours after launch

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Despite the excitement on the X space by the launch of the $Davido tokens, the party was reportedly short-lived as the memecoin allegedly lost over 93% of its value the following day (Thursday).

Nigeria’s Afrobeat superstar, David  Adeleke (Davido), on Wednesday, announced the launch of a crypto token.

NAIRAMETRICS reports that ‘the token known as “Timeless Davido” ($DAVIDO) is the latest addition to the new wave of celebrity-themed memecoins making the news in the crypto industry at the moment’.

The Musician disclosed the launch of the token on his X handle on Wednesday and the tweet was acknowledged by the official Solana handle.

This resulted in a frenzy in the Nigerian X space and a surge in the market capitalization of the token hours after its launch.

Although the rave around the token has cooled off just a day after its launch, here are five important things to note about the $Davido token.

The $Davido token was launched on the Solana blockchain and it was created on Wednesday using the popular Platform Pump Fun which allows crypto users to create a token in a matter of minutes.

Crypto research tool, Lookonchain, reported that Davido received 7.5 SOL worth $1,275 as startup capital which he used to create the $Davido token.

The Solana blockchain is known for processing over 65,000 transactions in a second and has low fees. 1 Sol is currently worth N238,769

After creating his $Davido token with his 7.5 SOL initial capital, Davido spent 7 SOL to buy 203 million $Davido tokens which made up 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. He still has an unrealized profit of $207,000.

Despite the excitement and the rave created online by the launch of the $Davido tokens, the party was short-lived as the memecoin lost over 93% of its value by the next day.

The token is currently down by 93% from its highest point on Wednesday. According to data from CoinMarketCap, the coin is currently trading at $0.000010 just a day after its launch. The coin also has a current liquidity of $291,000.

$Davido token launch is not the first time the Afrobeat superstar has got involved in the wild world of cryptocurrencies. (NAIRAMETRICS)

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