The Securities and Exchange Commission (SEC), Nigeria’s capital market regulatory institution, has warned against investing in Davido’s meme coin, $Davido.

Meme coins are cryptocurrencies inspired by internet jokes and memes. They often have a light-hearted or humorous theme, and social media hype and celebrity endorsements can heavily influence their value.

The Grammy-nominated singer launched $Davido on 29 May in partnership with prominent blockchain platforms Phantom and Solana. The coin initially gained popularity and earned profits for early investors.

However, shortly after its launch, the meme coin crashed by over ninety per cent, resulting in losses for many investors.

The Securities and Exchange Commission (SEC), Nigeria’s capital market regulatory institution, has warned against investing in Davido’s meme coin, $Davido.

Meme coins are cryptocurrencies inspired by internet jokes and memes. They often have a light-hearted or humorous theme, and social media hype and celebrity endorsements can heavily influence their value.

The Grammy-nominated singer launched $Davido on 29 May in partnership with prominent blockchain platforms Phantom and Solana. The coin initially gained popularity and earned profits for early investors.

However, shortly after its launch, the meme coin crashed by over ninety per cent, resulting in losses for many investors.