$DAVIDO, the New Crypto Token by Musician Davido Has Imploded, a Day After Launch

This plunge happened after on-chain data revealed that Davido was cashing out

Musician Davido’s new crypto token, $DAVIDO, has crashed a day after it was launched.

According to data from CoinMarketCap, the token was trading at $0.000010 on Thursday morning, which is over 93% lower than its highest point on Wednesday.

This drastic plunge occurred after on-chain data revealed that Davido was cashing out.

According to Lookonchain, Davido created the meme coin using the popular platform Pump.fun. He received 7.5 Solana tokens, which are worth $1,275, and used them to create his $DAVIDO token.

Davido then bought 203 million DAVIDO tokens and sold some of them, making a profit of over $473k. He was sitting an unrealized profit of over $207k.

Davido, a Nigerian musician, has become one of the most successful artists in the world. His X account has over 15 million followers, and his YouTube channel has almost 4 million subscribers.

His most successful song, Fall, has attracted over 285 million YouTube viewers in the past six years. In total, his 108 YouTube videos have had over 1.6 billion streams.

Davido's move into crypto comes at a time when it has become very easy to launch a cryptocurrency.

Using the Pump platform, anyone can launch a digital token within just a few minutes. This trend has made it easier for people to launch scams, promote pump and dump, and wash sales.

At the same time, there has been a rising demand for celebrity-themed tokens recently.

According to data from CoinMarketCap, political meme coins have a combined market cap of over $678 million. Out of these, MAGA is the biggest one, with a valuation of over $616 million. It aims to attract Donald Trump’s fans as the campaign continues.

Other top political-themed meme coins include Super Trump, MAGA VP, Baby Trump, and Jeo Boden.

Meanwhile, meme coins have become incredibly popular in the crypto industry.

According to data, all meme coins combined have a market cap of over $66 billion. This makes them collectively larger than some well-known companies, such as Deutsche Bank, FedEx, Coinbase, Workday, and Monster Beverage.