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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.”
SHELT, a leading cybersecurity-as-a-service provider, has earned inclusion in the 2025 MSSP 250, the annual ranking of the world’s top 250 Managed Security Service Providers (MSSPs) by MSSP Alert, a CyberRisk Alliance publication.
SHELT
The list evaluates firms on business performance, service breadth, and industry impact, spotlighting those excelling in growth, operational excellence, and advanced managed security amid rising cyber threats. Selection criteria include annual recurring revenue, profitability, workforce expansion, business growth, and the depth of managed security offerings.
SHELT’s recognition underscores its investments in scalable security operations, threat intelligence, and tailored managed services across multiple regions, enabling clients to navigate complex risk landscapes effectively.
“Being recognised in the MSSP 250 is a meaningful milestone for our team,” stated Youssef Abillama, CEO of SHELT. “It validates our focus on building practical, resilient security services that help organisations manage risk and respond effectively to today’s evolving cyber threats.”
The company hailed the honour as testament to its teams’ dedication and expertise worldwide, reaffirming commitment to enhancing capabilities and delivering trusted cybersecurity solutions.
Meta Platforms, owner of Facebook, has appointed Dina Powell McCormick, a former adviser to President Donald Trump, as its new president and vice chairman, bolstering its leadership amid aggressive AI and infrastructure expansion.
Dina Powell McCormick
The announcement, made on Monday, positions Powell McCormick – who recently stepped down from Meta’s board after eight months – to guide overall strategy, including multi-billion-dollar investments in data centres and global partnerships.
A Goldman Sachs veteran with 16 years in senior roles and prior stints as deputy national security adviser under Trump and in the Bush administration, she brings deep finance and international ties to the role.
Meta CEO Mark Zuckerberg hailed her as “uniquely qualified” for the company’s next growth phase, while President Trump praised the move on Truth Social as a “fantastic choice”.
The hire signals Meta’s efforts to strengthen White House relations, following recent dinners with Trump and U.S. investment pledges worth hundreds of billions
X, the social media platform formerly known as Twitter, has suspended the @Twitter account, replacing its profile with a standard notice citing violation of platform rules.
Musk
The action, which occurred on Sunday, January 11, left users encountering the handle greeted by a bold “Account Suspended” message on a black screen, with no details provided on the specific rules broken or the duration of the suspension.
The development has sparked widespread confusion and nostalgia among users, given that Elon Musk rebranded Twitter to X in July 2023, approximately six months after acquiring the platform for $44 billion in late 2022.
The @Twitter handle had remained dormant since before Musk’s takeover, serving as a legacy remnant of the platform’s original branding, and its suspension appears to mark the final erasure of the Twitter name amid X’s ongoing efforts to combat spam, impersonation, and rule violations.
X’s official statement on the suspended page simply reads: “X suspends accounts that violate our rules,” without offering an appeal process or further explanation, unlike standard user suspensions.
Public reactions on social media ranged from humorous laments of “RIP Twitter” to speculation that the move resulted from automated moderation or a deliberate cleanup of legacy trademarks.
xAI’s Grok AI described it as a purposeful retirement of outdated elements rather than a genuine infraction, while neither Elon Musk nor X spokespeople issued any comment as of Monday morning.
This incident underscores the evolving identity of the platform under Musk’s ownership, which also saw a domain shift to x.com in 2024, further distancing it from its Twitter roots.
Industry observers note that while the suspension aligns with X’s stricter enforcement policies, the lack of transparency has fueled debates on consistency in applying rules to high-profile legacy accounts.
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