Nigerian SEC Issues Warning on Davido-Linked Meme Coin $DAVIDO

• SEC warns against $DAVIDO meme coin, citing speculative risks and lack of regulatory oversight.
• $DAVIDO surged to $10 million market cap quickly but lacks fundamental investment value.
• Davido’s involvement highlights popularity but also raises concerns about speculative nature.

The Nigeria Securities and Exchange Commission (SEC) has issued a warning against investing in $DAVIDO, a meme coin linked to Nigerian musician David Adeleke, also known as Davido. The warning, highlighted by crypto news source Legit.ng, comes as interest in the digital currency grows, and emphasizes the risks associated with speculative investments.

The Nigeria Securities and Exchange Commission (SEC) has spurred reactions online with a statement warning the public to avoid a meme coin associated with Davido.https://t.co/sTteAa0aAx

— Legit.ng | Leading the way (@legitngnews) June 14, 2024

$DAVIDO launched with enthusiasm and quickly gained popularity, reaching a market capitalization of $10 million in just four hours. Using platforms like Phantom and Solana, Davido promoted the coin as a digital tribute to himself, targeting his large social media following.

However, the SEC’s …

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