Is Davido's crypto token a scam? Here's everything we know about it
- On Wednesday, May 29, 2024, NFT platform Drip welcomed Nigerian music star, Davido (David Adeleke).
- Davido launched his token called Timeless Davido with the ticker $DAVIDO, on the Solana blockchain.
- The token gained massive value —up to $10 million in market capitalisation — but lost it just as quickly.
The launch and subsequent crash of Davido's crypto token raise suspicions of a scam. The lack of a whitepaper and the coordinated sell-off by wallets associated with the token's creation suggest unethical practices. The crypto market needs stronger regulations to protect investors from such incidents.
