Davido Pockets $474.4K from Token Sale Hours After Launch

Davido dumps tens of millions of his newly created memecoin to cash out massive profits.

Davido showing off with the money he made.
Created by Kornelija Poderskytė from DailyCoin
  • Davido has launched a celebrity memecoin.
  • The token was launched via Pump.fun.
  • The singer sold millions of the token hours after launch, triggering a sharp price dip.

American-born Nigerian singer Davido has cashed out massive profits from his newly created memecoin DAVIDO, hours after the token launched on Wednesday.

According to Lookonchain, Davido created the token on May 29 using the popular memecoin launchpad Pump.fun. The singer received 7.5 SOL ($1,275) as start-up capital and spent 7 SOL ($1,190) to buy 203 million DAVIDO (20.3% of the total supply.)

Massive DAVIDO Dump Hours After Launch

11 hours after creating the memecoin and promoting it on his X social account with 15.3 million followers, Davido offloaded 121.88 million DAVIDO for 2,791 SOL, generating about $474,400 from the sale.

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The singer then sent 20 million DAVIDO to “dead1111…1111,” leaving 61.12 million DAVIDO (worth about $207K at the time) in his wallet.

While Davido has yet to comment on the massive dump, it didn’t go unnoticed for long as its effect reflected on the market later. Per GeckoTerminal data, DAVIDO is down by over 90% from its highest point on Wednesday.  

At last check, the memecoin had lost 72.41% in the last six hours to exchange hands at 0.001933, with a market capitalization of $2 million. Users have so far conducted 7,619 transactions with the token, contributing to a trading volume of $171,390, the data shows.

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In the meantime, Davido was still promoting the memecoin on his X account after the development. He encouraged DAVIDO holders to “HODL,” urging them to drive the memecoin’s market cap to $30 million.

Read why Vitalik Buterin sees value in memecoins:
Vitalik Buterin Sees Value in Meme Coins: Looking Past the Hype

Stay updated on the passing of meme icon Kabosu:
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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.