Davido launched his meme coin, $Davido, on 29 May.
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The Grammy-nominated singer launched $Davido on 29 May in partnership with prominent blockchain platforms Phantom and Solana. The coin initially gained popularity and earned profits for early investors. The statement partly read: “The attention of the Securities and Exchange Commission, Nigeria has been drawn to a meme coin known as ‘$Davido’ allegedly linked to the famous Nigerian singer, David Adedeji Adeleke, aka Davido. Generally, meme coins are cryptocurrencies inspired by memes and internet jokes.PREMIUM TIMES delivers fact-based journalism for Nigerians, by Nigerians — and our community of supporters, the readers who donate, make our work possible.
“Capital Market Operators are by this Notice warned not to associate with instruments outside the SEC’s regulatory purview. Such instruments should not be distributed or monitored through any capital market mechanism”, SEC noted.
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