Nigerian musician Davido finds himself embroiled in a cryptocurrency scandal orchestrated by Sahil Arora, an Indian national known for pump-and-dump schemes. Davido, with millions of followers on various platforms, launched a memecoin called “DAVIDO” with promises of soaring success, only to witness its value plummet dramatically shortly after.
Chain tracker Lookonchain revealed that the memecoin was launched on a popular Solana memecoin generator, receiving significant startup capital. Despite Davido’s endorsement and encouragement for his followers to hold the token, suspicions arose when he swiftly sold off a large portion of his holdings, triggering a crash in the token’s value by over 90%.
Similar incidents involving other celebrities, like American media personality Caitlyn Jenner and Australian musician Iggy Azalea, suggest a pattern orchestrated by Sahil Arora, who allegedly exploits celebrities’ lack of understanding in the crypto space for personal gain. The scandal underscores the risks associated with celebrity-endorsed cryptocurrency projects and the need for investors to exercise caution in such ventures.
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