Following his marriage to Chef Chi’s sister Chioma Rowland, Nigerian artist David Adedeji Adeleke, better known by his stage name Davido (Omobaba olowo), has been in the news lately.
Davido is a well-known Afrobeats superstar in Africa who has had a big influence on the Nigerian music scene and won praise from all over the world.
The 31-year-old artist’s wealth has increased significantly as a result of this achievement.
The ’30 BG’ singer has a significant following of 29.6 million on Instagram. His stature has increased his engagements and income; Nairametrics estimates that he will make $20 million by the end of 2023.
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Apart from his musical pursuits, the singer of ‘Timeless’ has dabbled in other personal finance ventures, potentially with the aim of venturing into business and entrepreneurship beyond the entertainment sector.
Though he had high hopes, Numerous of these endeavors have not turned out well.
Nairametrics delves into the details and schedules of these commercial ventures, emphasizing the warning indicators that pointed to their downfall during the previous three years.
January 2021: Promotion of Racksterli
As lockdown laws started to loosen at the beginning of 2021, Davido supported Racksterli, an investing platform run by Michael Chidiebere Oti, a.k.a. ‘Black Gold.’ Other well-known people who backed the initiative were Williams Uchemba and Nancy Isime.
These well-known endorsements helped Racksterli garner 422,305 customers.
But by June 2021, Racksterli had collapsed, and a lot of investors had lost their money and the anticipated profits. Davido’s participation in platform promotion drew harsh criticism.
a Rapdoge meme coin in June 2021
Davido openly supported RapDoge at the same time, boosting his over 9 million followers with a now-deleted tweet asking them to contribute $20, $100, or $1000 in the token.
Davido then tweeted, ‘Who listened to me about RapDoge?’ in an apparent attempt to tease the idea of releasing his own Bitcoin trading platform. RapDoge’s token price surged by a staggering 100% as a result of this support.
RapDoge’s value fell back to its pre-promotion levels after experiencing an initial increase. The buzz around the coin, which its proponents had predicted would make it the next great memecoin, was fleeting.
This episode emphasizes the unpredictability of celebrity endorsements in the cryptocurrency space and the dangers of investing in meme coins.
November of 2021Token Echoke
Davido announced the release of a brand-new social token on his Instagram page. use the ticker ‘ECHOKE’ The acronym ECHOKE, which stands for ‘pressure,’ originated from a frequent expression used by Nigerian Afrobeats artists and eventually spread online.
The cryptocurrency known as the token, according to Nairametrics, is based on the Binance Smart Chain (BSC) and is designed to ‘provide access to giveaways, NFTs, festivals, exclusive merchandise, and other entertainment, media, and hospitality benefits.’
The social token was not a success, though, and it did not acquire the anticipated momentum.
$Davido Meme Coin (2024)
Memecoin, a cryptocurrency token inspired by the artist famed for his popular song ‘Feel,’ was set to launch in May 2024. Named ‘Timeless Davido’ ($DAVIDO), the token is the newest in the increasing line of celebrity-themed memecoins that are becoming popular in the cryptocurrency sector.
On his X handle, Davido revealed the $DAVIDO token, and the official Solana handle verified the news. Pump Fun, a platform that lets users create tokens in a matter of minutes, is what he used to create the memecoin.
Davido acquired 7.5 SOL, or $1,275, as beginning funding to generate the $DAVIDO token, according to the cryptocurrency research tool Lookonchain.
He purchased 203 million $DAVIDO tokens after the creation for 7 SOL, or roughly 20.3% of the total supply.
After that, in just 11 hours, Davido made nearly $473,000 by selling 121.88 million $DAVIDO tokens. He still possesses a $207,000 unrealized profit.
The memecoin lost more than 93% of its value the following day, so the joy was fleeting. Nairametrics claims that the currency is now trading at $0.000010 according to the most recent data from CoinMarketCap.
What officials in the government have said
The Securities and Exchange Commission of Nigeria (SEC) issued a warning amid all the excitement about the serious risks involved in investing in meme coins, especially those connected to Davido, the singer of the song ‘Unavailable.’
The Commission noted that meme coins are digital currencies that draw their inspiration from online jokes and memes. They are frequently positioned as lighthearted and enjoyable investments.
Celebrity endorsements occasionally serve as a boost to their promotion, which is often driven by social media communities.
The public is urged to use prudence and due research before considering any investment in meme coins by the SEC, which emphasizes the speculative nature of these digital assets.
Furthermore, cryptocurrency trading has been suspended in Nigeria. Nigeria has also suspended cryptocurrency trading, as the government closely monitors prominent firms such as Binance due to claims of manipulating the market.
What you ought to be aware of
Due diligence, responsibility, and transparency are crucial, as demonstrated by Davido’s three-year journey into personal finance and investments.
Not only has his participation in contentious initiatives like Racksterli and other cryptocurrency tokens negatively impacted him, but it has also had a substantial impact on his admirers and following.
In order to preserve credibility and confidence going ahead, it will be essential to confirm the legitimacy and durability of projects before endorsing them.
Davido continues to be one of Nigeria’s top performers both inside and outside of Africa despite these realities.
The celebrity can currently be heard in a remix of the popular song ‘Ogechi’ was released right before his nuptials.
On TikTok and on Nigerian radio, the original song by BoyPee, Hyce, and Brown Joel became viral.
The singer had a successful year last year because to the hits from his Grammy-nominated album ‘Timeless,’ which included the songs ‘Unavailable’ with Musa Keys, ‘Feel’ and ‘Away,’ and ‘Na Money’ with Cavemen and Angelique Kidjo.
Less than a week after its release, the album became the first African album to ever reach the top of the US iTunes Albums chart.
