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Nigeria’s Afrobeat celebrity, David Adeleke (Davido), on Wednesday, introduced the launch of a crypto token or memecoin impressed by himself.
The token often called “Timeless Davido” ($DAVIDO) is the most recent addition to the brand new wave of celebrity-themed memecoins making the information within the crypto trade in the intervening time.
Davido introduced the launch of the $Davido token on his X deal with on Wednesday and the tweet was acknowledged by the official Solana deal with.
This resulted in a frenzy within the Nigerian X area and a surge available in the market capitalization of the token hours after its launch.
Though the rave across the token has cooled off only a day after its launch, listed here are 5 necessary issues to notice concerning the $Davido token.
Launched on Solana blockchain
The $Davido token was launched on the Solana blockchain and it was created on Wednesday utilizing the favored Platform Pump Enjoyable which permits crypto customers to create a token in a matter of minutes.
Crypto analysis instrument, Lookonchain, reported that Davido acquired 7.5 SOL value $1,275 as startup capital which he used to create the $Davido token.
The Solana blockchain is thought for processing over 65,000 transactions in a second and has low charges. 1 Sol is presently value N238,769
Revenue of $473,000 in 11 hours
After creating his $Davido token together with his 7.5 SOL preliminary capital, Davido spent 7 SOL to purchase 203 million $Davido tokens which made up about 20.3% of the overall provide.
He bought 121.88 million $Davido tokens, making a revenue of over $473,000 in simply 11 hours. He nonetheless has an unrealized revenue of $207,000.
$Davido token worth has plunged by 93%
Regardless of the thrill and the rave created on-line by the launch of the $Davido tokens, the social gathering was short-lived because the memecoin misplaced over 93% of its worth by the following day.
The token is presently down by 93% from its highest level on Wednesday. In accordance with information from CoinMarketCap, the coin is presently buying and selling at $0.000010 only a day after its launch. The coin additionally has a present liquidity of $291,000.
Not Davido’s first crypto venture
$Davido token launch will not be the primary time the Afrobeat celebrity has obtained concerned within the wild world of cryptocurrencies.
Techcabal reported that the celebrity beforehand launched $echoke on the Binance Sensible Chain to offer a bunch of companies, together with non-fungible tokens, leisure, media, and hospitality. The venture was short-lived and was lengthy forgotten.
The journey for the newly launched $Davido token stays unsure for long-term holders of the token given the unsavory information of the coin shedding 93% of its worth the following day.
What to know
- The $Davido memecoin is the most recent addition to the current wave of celebrity-themed tokens within the crypto trade. It stays unsure the long-term trajectory of the $Davido token and whether or not it will be capable of enhance its valuation permitting its long-term holders to revenue from it.
- Memecoins are more and more changing into a vital a part of the crypto trade with an general market cap of about $66 billion.
- Nairametrics earlier reported the highest 5 promising memecoins of 2024 who’re presently growing in valuation and pulling a bullish pattern within the crypto market.
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