Investing in $Davido Meme Coin Highly Risky—SEC

By Aduragbemi Omiyale

The Securities and Exchange Commission (SEC) has warned Nigerian investors of the high risk involved in investing in a meme coin linked to Nigerian music superstar, Mr David Adeleke, otherwise known as Davido.

About two weeks ago, the singer promoted a digital coin, $Davido, which was gained publicity and had different people purchasing it.

On Friday, the Nigerian capital market regulator issued a disclaimer, warning that investment in the token was at the peril of investors.

“The public is hereby advised that investing in a Meme coin known as $Davido allegedly linked to the popular Nigerian singer, David Adedeji Adeleke AKA Davido is highly risky.

“Individuals who patronize it do so at their peril,” a short statement from the regulatory agency said.