$Davido is a new memecoin launched by Nigerian artist, Davido. The launching of the coin saw much jubilation from the artist’s fan base. Others also jubilates as the singer appears to be the first celebrity to offer coins of this nature in the country.
The launch of $Davido met with great celebration. However, before 24 hours passed, the memecoin took a nosedive.
Here are the reasons why Nigerians have been encouraged not to invest in $Davido coin.
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- Nigerian Securities Exchange Commission doesn’t endorse it. It means you’re on your own if you invest and lost all your money.
- The source of memecoins isn’t that serious as it emanates from social media and internet jokes attached to celebrities.
- Nigeria doesn’t see memecoins as medium of exchange and it isn’t means of payment for goods generally in the country.
So, if you care too much about losing money, it may be nice for you to stay away from $Davido.