Nigerian musician, Davido, is being accused of orchestrating a pump-and-dump scheme after his latest crypto token experienced a surge of 200% in value before sharply declining by 56% within just an hour.
On May 29 2024, Davido, whose real name is David Adeleke, reportedly launched a token named $DAVIDO which made a profit of 2,783 $SOL($473K) in just 11 hours, said the blockchain analytics platform, LookOnChain.
Davido(@davido) launched a token named $DAVIDO and made a profit of 2,783 $SOL($473K) in just 11 hours, also has an unrealized profit of $207K.
11 hours ago, he received 7.5 $SOL($1,275) as start-up capital, created $DAVIDO on https://t.co/C909I8882s and spent 7 $SOL($1,190) to… pic.twitter.com/3ObDhsMbOU
— Lookonchain (@lookonchain) May 30, 2024
11 hours earlier, the singer received 7.5 SOL($1,275) as start-up capital, created $DAVIDO on Pump.Fun and spent 7 SOL($1,190) to buy 203 million $DAVIDO (20.3% of total supply).
He also sent 20 million $DAVIDO to wallet ‘dead1111…1111,’ with 61.12 million $DAVIDO($207K) left.
The Nigerian singer has a history of launching and promoting ‘multiple scams in the past,’ including ventures like RapDoge, Echoke, and Racksterli, the latter being an investment Ponzi scheme.
Nigeria 🇳🇬 Music Superstar, Davido, Launches ‘The EChoke’ Crypto Fan Token, Buys Mutant Apes NFTs: https://t.co/9odzrXcd4s @davido @BitsikaAfrica @atsudavoh #NFTs
— BitKE (@BitcoinKE) November 24, 2021
Other than Davido, in the past week, American media personality, Caitlyn Jenner, and rapper, Iggy Azalea, have also launched tokens on the Pump Fun application. The application has gained popularity on Solana by enabling anyone to easily issue a coin attached to an image, contributing to the recent surge in activity on the platform.
Caitlyn Jenner’s $JENNER token skyrocketed to over a quarter billion dollars mere hours after its launch on the Solana network. Moreover, Jenner earned 2,381 SOL, or $405,000, by launching 12 meme coins on the Solana (SOL) blockchain in the past four days, according to analysis shared by market analytics platform LookOnChain in an X thread on May 31 2024.
Iggy Azalea’s $MOTHER made early traders $2 million in profits, data tracking firm, BubbleMaps, said in an X post.
According to BubbleMaps, a small group of wallets had already purchased 20% of the total token supply just hours after issuance, even before Iggy Azalea announced the token’s existence on X.
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