Superstar Afrobeat singer Davido Adeleke is facing severe backlash from fans who have suffered significant losses after investing in his $DAVIDO meme coins.
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The singer launched the meme cryptocurrency, which operates on Solana’s blockchain platform, and many fans invested heavily in it.
However, just 24 hours after the launch, the price of the coin reportedly crashed, causing many fans to lose a significant amount of money. A fan who had invested $150 worth of the coin woke up to find that his account had been reduced to just $20, a loss of 86.6667%.
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Fans have taken to the X platform to express their anger and frustration, accusing Davido of fraud and betrayal.
They claim that they trusted him and invested in the coin based on his reputation and influence, but he allegedly cashed out his profit, causing the price to crash.
The backlash has been severe, with many fans calling for Davido to take responsibility for the losses and to make amends. The incident has also raised questions about the ethics of celebrity-endorsed cryptocurrencies and the potential risks involved in investing in them.
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