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Davido’s ‘$Davido’ Meme Coin Is A ‘Crypto Scam’ Buy at Your Peril – Rume Ophi Warns
One of Nigeria’s foremost crypto-evangelists and prominent voices in the cryptocurrency space has come out swinging against Afrobeats superstar Davido’s recent launch of the $DAVIDO meme coin, accusing the musician of perpetrating an outright “crypto scam” that could severely damage the nation’s burgeoning crypto industry.
Rume Ophi, widely known as the “Cryptopreacher” for his pioneering work in crypto education across Africa, did not mince words in his scathing critique of Davido’s meme token.
The coin, launched May 29th on the Solana blockchain, saw a meteoric rise soon after its release, with its market capitalization surging past $10 million within 24 hours as Davido’s 15 million social media followers piled in.
However, in the 8 hours that followed, over 80% of that value had been wiped out, with the meme coin’s market cap plummeting to just $2.1 million amidst a massive selloff.
According to crypto data outlet DailyCoin, records show that Davido himself extracted a staggering $474,000 from the token during this period before cutting ties entirely.
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.) 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.
“If you bought the $DAVIDO meme coin expecting to cash out profits, I’m here to tell you that you were outright scammed by Davido himself. This is textbook behavior for a crypto rug pull scam,” Rume who is also an analyst on Channel TV and other media platforms warns.
Ophi argues that Davido’s quick exit from his own token launch, pocketing over $140,000 while leaving his fanbase holding the bag, constitutes a brazen iteration of this scheme.
“One of the earliest, brightest red flags of any crypto scam is when the creators themselves are the first ones running for the exit after briefly pumping the price,” Ophi cautioned.
“It’s a predatory cycle as old as snake oil – use hype to arouse investor FOMO, cash out huge while replacing fundamentals with empty promises, then leave the buyers holding a worthless asset.”
Beyond the financial damage to those who bought in, the Cryptopreacher expressed grave concerns about the potential reputational fallout that Davido’s actions could have on Nigeria’s crypto landscape. With the nation angling to become a continental leader in blockchain innovation, high-profile debacles like this could sow further distrust and regulatory hurdles.
“If it’s discovered that U.S. investors were impacted by this blatant attempt to issue unregistered securities, you can be certain the SEC’s crosshairs will be zeroing in on Davido,” Ophi warned.
“And any resulting crackdown will create huge stress for the many legitimate businesses and startups operating in good faith across our crypto markets.”
He also criticized the Nigerian Securities and Exchange Commission directly for failing to proactively protect citizens from such schemes, urging the regulator to establish clear policies and licensing for cryptocurrency projects looking to solicit investment from the public.
Rather than pursuing ill-conceived meme coins that Ophi derides as essentially ponzi schemes, the crypto educator implored Davido to realign his ambitions and leverage his stardom in more sustainable blockchain verticals like NFTs.
This, Ophi argues, could drive real utility and value creation instead of inflicting widespread financial harm on legions of poorly-educated retail investors.
“With 15 million followers, many of whom have zero understanding of crypto basics, Davido’s actions are poised to result in very real, widespread financial damage,” stated Ophi solemnly.
“He should be partnering with the SEC and our crypto community to focus on developing legitimate NFT products and services that contribute positively to this industry’s growth rather than detract from it.”
MoMo Payment Service Bank (MoMo PSB), a fintech subsidiary of MTN Nigeria, has announced a partnership with Ogata Electric Vehicles to provide subsidised bus rides of ₦10 per fare to students of the University of Lagos (UNILAG).
MoMo PSB
The initiative, unveiled on Thursday in Lagos, is aimed at easing transportation costs for young Nigerians, particularly students, as part of MoMo PSB’s broader commitment to financial inclusion and digital accessibility.
MoMo PSB, which provides millions of Nigerians with secure financial services including transfers, savings, card services, bill payments and wallet solutions, said the transport subsidy reflects its mission to improve everyday life by reducing the cost of essential services.
The company explained that the partnership with Ogata Electric Vehicles would not only make commuting more affordable for students but also promote sustainable mobility through the use of electric buses.
Officials of MoMo PSB noted that the initiative is designed to bring “good cheer” to the UNILAG community, ensuring students can access safe, reliable and cost-effective transport while focusing on their education.
MTN Nigeria has launched its Unlimited Broadband Data plans powered by 5G technology, a move the telecoms giant says will tackle long-standing challenges of capped data limits, high costs and unstable connectivity faced by internet users across the country.
MTN Nigeria
Egerton Idehen, Chief Broadband Officer of MTN Nigeria, said the new product was designed to support high-demand users including streamers, gamers, households and businesses requiring uninterrupted connectivity.
“We’re building a broadband experience for everyday life. For content creators, remote workers, gamers, students and households. Our focus is on speed, reliability, low latency, and affordability.
“Broadband is designed to deliver seamless connectivity that empowers Nigerians to thrive in the digital economy,” Idehen said.
The plans, available in speed-based variants of 50Mbps and 100Mbps, promise lightning-fast speeds and ultra-low latency to address issues of lag and buffering. MTN said the packages would also provide affordable and flexible options to cater to diverse economic segments.
New customers who purchase a 5G router will enjoy a welcome bonus of unlimited data for the first 30 days, allowing them to experience the service before committing to long-term use.
The company explained that the initiative was part of its broader commitment to digital inclusion, enabling Nigerians to access stable connections for virtual meetings, large file transfers, online learning, high-definition streaming and professional gaming.
Customers can subscribe to the Unlimited Broadband Plans by dialling 4611#, using the MyMTN app, MTN eShop, MTN website, or visiting authorised retail outlets nationwide.
The Airtel Africa Foundation has opened applications for its Undergraduate Tech Scholarship in Nigeria, inviting first-year university students with strong academic potential to apply for financial support aimed at accelerating their studies in technology and related fields.
The scheme provides full tuition, accommodation support, and essential study materials for eligible 100-level students. It forms part of the Foundation’s F.E.E.D. agenda, which promotes Financial Empowerment, Education, Environmental Protection, and Digital Inclusion, with a focus on creating pathways for talented young people who face financial barriers.
Airtel Nigeria CEO, Dinesh Balsingh, encouraged students to take advantage of the opportunity. He noted that, “Education is one of the most powerful tools for national development,” adding that “as an organisation, Airtel is determined to build a platform for aspiring young Nigerians to learn, innovate and lead in the country’s expanding technology landscape.”
Applications are open to students pursuing courses such as Information Technology, Computer Science, Software Engineering, Data Science, Cyber Security, Artificial Intelligence, and other ICT-related disciplines at participating universities: University of Lagos, University of Nigeria Nsukka, Ahmadu Bello University, University of Benin, Obafemi Awolowo University, University of Ilorin, and Tai Solarin University of Education.
Dr Segun Ogunsanya, Chairman of the Airtel Africa Foundation, said the scholarship demonstrates the organisation’s commitment to nurturing Africa’s next generation of digital leaders. “Young Africans are brimming with talent and ambition. What many need is a fair chance to pursue their education without financial pressure. This scholarship reflects our belief that investing in their growth will strengthen communities, empower families, and expand the continent’s digital future,” he said.
Applicants must be enrolled in 100-level, have scored at least 230 in JAMB, and hold a minimum of five credits in WAEC, including English and Mathematics, in a single sitting. Required documents include Joint Admissions and Matriculation Board (JAMB) results, university admission letter, West African Examination Council (WAEC) certificate, student identity card, and academic transcript or university results.
The Foundation encourages qualified students across the listed institutions to apply and position themselves for a stronger start in the technology sector. Applications can be submitted at candidate.scholastica.ng/schemes/airtelfellowship2025.
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