Nigerian musician Davido enters the crypto ecosystem, launches $Davido memecoin on Solana, and sells off $474.4k worth of his token.
Despite the ban on digital assets in the Nigerian financial market and the ongoing issues with crypto exchanges and the Nigerian government, cryptocurrency has gained more popularity in Nigeria as many investors and famous figures experiment with the market.
Davido Launches $Davido Memecoin
Notwithstanding government disapproval, David Adedeji Adeleke, known as Davido, a leading music artist in Nigeria, has announced on X (formerly Twitter) the launch of a new cryptocurrency after his professional name, $Davido.
$Davido was listed yesterday on the Solana blockchain and started trading on the Solana-based Raydium exchange.
After the launch, Solana’s official X account, Drip, and Phantom posted to officially welcome Davido into the crypto ecosystem. He replied to the welcome posts, “The King of Sol is here! $Davido.”
At launch, $ Davido’s maximum supply of one billion coins was released into the market. After launch, he received about 7.5 SOL worth $1,275 as startup capital. He acquired $203 million $Davido for 7 $Sol, holding more than 20% of the total supply.
A few hours after the token announcement, $Davido ranked first on DexScreener, as many of his fans and other crypto users invested in the newly released token with different amounts, raising the token holders to more than 16,000 wallets.
Within the first few hours after launch, $Davido market capitalization jumped to $24 million.
Davido Cashs Out $474.4k From $Davido
After trading for about four hours, Davido burned 2% off $Davido. He transferred 20 million tokens to a dead account to reduce the quantity of $Davido in circulation.
Following the burn, he sold 121.88 million of his $Davido holdings for 2,791 SOL, cashing out about $474,400 within six hours after his token launch. He sold more than 12% of the total $Davido supply, dumping the price significantly, as many users lost a considerable percentage of their $Davido investments.
Having traded for less than 24 hours, $ Davido’s market capitalization has reduced by more than 80%. At press time, the token trades at $0.002 per $Davido, with its market capitalization falling to the $2 million mark.
