Nigerian Star Davido Latest To Be Ensnarled In String Of Celebrity Meme Coin Rug-pulls

1. WHO: Nigerian singer Davido's followers and cryptocurrency investors who purchased the 'DAVIDO' meme coin were affected by this rug pull. Celebrity fans are particularly vulnerable to these schemes as they trust their favorite personalities. 2. WHAT: A classic rug pull occurred where the 'DAVIDO' meme coin was launched, promoted to fans, then crashed over 90% after a large token sale, leaving investors with nearly worthless assets. This is part of a pattern of celebrity-endorsed meme coin scams allegedly orchestrated by Sahil Arora. 3. HOW: The perpetrator likely approached the celebrity with a proposal to launch a token using their name and influence. After generating hype and purchases from fans, large amounts of tokens were sold by insiders, causing the price to collapse. Viewers can protect themselves by researching tokenomics thoroughly before investing, being skeptical of celebrity-endorsed cryptocurrencies without clear utility, and checking if security audits have been performed. 4. WHY: This type of scam exploits fan loyalty and the growing popularity of meme coins. Celebrities may be unaware of the technical aspects of cryptocurrency or may be complicit for quick profits. The perpetrator relies on FOMO (fear of missing out) and the celebrity's influence to attract investors quickly before executing the rug pull. 5. WHERE: The impact is global, affecting digital asset investors worldwide who follow Davido, particularly his 15.3 million followers on X and other social media platforms. Previous victims were similarly affected by the same scheme involving Caitlyn Jenner and Iggy Azalea tokens.