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Nigerian superstar DAVIDO meme coin rug pull fears sparks controversy

  • Davido’s $DAVIDO token launch triggers pump-and-dump suspicions.
  • Critics cite past involvement in promoting questionable crypto projects.
  • Debate intensifies over the impact of celebrity-backed meme coins.

Nigerian superstar Davido finds himself embroiled in controversy following the launch of his meme token, $DAVIDO, amidst a broader debate surrounding celebrity-backed meme coins.

The rapid rise and subsequent crash in the value of $DAVIDO have raised suspicions of a pump-and-dump scheme, drawing attention to the integrity of such ventures in the crypto space.

Davido reportedly pocketed $473K in 11 hours

Davido reportedly reaped substantial profits, with a staggering $473,000 earned within a mere 11 hours of the token’s launch.

Initial investment details reveal that he received 7.5 SOL ($1,275) as startup capital and used 7 SOL ($1,190) to create and launch $DAVIDO on Pump.fun, acquiring 203 million tokens, which accounted for 20.3% of the total supply.

Davido then went ahead to sell 121.88 million $DAVIDO tokens for 2,791 $SOL($474.4K), making a profit of about $143K.

However, there are fears of a rug pull scheme especially since the token’s value has since plummeted by 95%, leaving investors in dismay.

Questionable integrity

Critics have pointed to Davido’s past involvement in promoting projects with questionable integrity, including RapDoge, Echoke, and Racksterli, as evidence of a pattern indicating a profit-driven agenda.

This has led to concerns within the crypto community regarding the motives behind celebrity-endorsed tokens, with skeptics questioning their commitment to genuine innovation and contribution to the ecosystem.

The proliferation of celebrities endorsed meme coins

The $DAVIDO debacle comes amidst a broader discussion surrounding the proliferation of meme coins endorsed by celebrities.

While some view such initiatives as a means of onboarding new users to the crypto space, others caution against blindly supporting token launches, highlighting the potential for market manipulation and investor exploitation.

Recent launches by multiple celebrities have reignited this debate, with opinions divided on the overall impact on the crypto industry.

Ansem, a member of the crypto community, emphasizes the importance of engaging with celebrities interested in contributing to the space while acknowledging the need for caution. However, voices like ZachXBT warn against placing undue trust in celebrities, particularly those with a history of promoting scams and fraudulent projects.

The controversy surrounding Davido’s $DAVIDO token underscores the need for greater transparency, accountability, and investor education in the crypto space.

As regulatory scrutiny looms over celebrity-backed projects, stakeholders are urged to exercise diligence and discernment when navigating the volatile landscape of meme coins and speculative investments.

In the meantime, whether celebrities like Davido can redeem their reputations and foster genuine collaboration remains to be seen, as the debate surrounding their role in the crypto ecosystem continues to evolve.

The post Nigerian superstar DAVIDO meme coin rug pull fears sparks controversy appeared first on CoinJournal.

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Elon Musk denies having talks with Donald Trump about crypto

  • Elon Musk denies discussing crypto with Trump amid speculation.
  • Lately Trump has been actively promoting Bitcoin (BTC), possibly as a way to attract voters.
  • There is speculation of a potential advisory role for Musk in Trump’s 2024 presidential campaign.

Elon Musk, the CEO of Tesla and SpaceX, in a post on X has firmly denied reports suggesting he discussed cryptocurrency with former President Donald Trump.

This denial comes amid growing speculation and multiple reports claiming the two influential figures have been conversing about crypto-related matters.

Bloomberg started it stating Musk advised Trump on Crypto

The controversy began when a Bloomberg report suggested that Musk had counseled Trump on cryptocurrency policy, igniting significant interest and speculation within the media and the cryptocurrency community.

Adding fuel to the fire, DogeDesigner, a notable figure in the crypto community, tweeted about Musk and Trump allegedly discussing cryptocurrency policy.

These rumors surfaced as Trump, the leading candidate for the 2024 Republican presidential nomination, has been vocally promoting Bitcoin and other digital assets on the campaign trail. He recently even promised to free Silk Road creator Ross Ulbricht if re-elected.

Trump has been positioning cryptocurrencies as a strategic asset for the United States, emphasizing that the country must be a leader in the field. His personal crypto holdings reportedly exceed $10 million, and the MAGA token, associated with his campaign, recently hit an all-time high of $15.4.

Further adding to the intrigue, The Wall Street Journal reported on May 29 that Trump is considering a possible advisory role for Musk should he win the 2024 presidential election. The report highlighted that, despite a previously tense relationship, Musk and Trump have been engaging in political discussions on various policy ideas, including immigration and crypto.

Musk, however, clarified that he will not be contributing to any presidential campaigns but has allegedly informed Trump of his intention to hold events aimed at discouraging wealthy supporters from backing Joe Biden.

What Elon Musk, Trump relationship mean for crypto

The developing relationship between Musk and Trump has significant implications for the cryptocurrency market. Both individuals possess the ability to influence public attitudes toward digital currencies profoundly.

Their discussions and Musk’s proactive stance on crypto could sway investor sentiment and shape future regulatory policies, potentially impacting the broader adoption and stability of the crypto market.

As the 2024 election approaches, the intertwining of political discourse and cryptocurrency continues to draw attention.

While Musk has denied any crypto talks with Trump, the potential for collaboration between these two influential figures remains a subject of keen interest and speculation.

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APT price jumps after integration of Chainlink’s CCIP and data feeds into Aptos

  • Aptos (APT) integrates Chainlink’s CCIP and data feeds, boosting its dApp development.
  • APT price rises by 3.14% to $9.41; market cap increases by 3.17% to $4.1 billion.
  • Aptos has become the first Move-based blockchain to join Chainlink’s SCALE program.

Aptos (APT) has seen a notable increase in its market performance following the announcement of its integration with Chainlink’s Cross-Chain Interoperability Protocol (CCIP) and data feeds.

Revealed during the Consensus 2024 event in Austin, Texas, this strategic integration marks a significant milestone, making Aptos the first blockchain utilizing the Move programming language to incorporate Chainlink’s advanced services.

Impact on Aptos (APT) price

The announcement of the integration has had a positive impact on Aptos’ market metrics with the price of APT rising by 3.14%, reaching $9.41 at the time of writing.

This upward trend has also been reflected in its market capitalization, which surged by 3.17% to $4,105,772,619, elevating its market rank to 26 despite the 24-hour trading volume experienced a decline of 5.67% to $124,523,283.

What does the Aptos, Chainlink collaboration entail?

The collaboration between Aptos and Chainlink is poised to enhance the development of decentralized applications (dApps) on the Aptos network.

By joining Chainlink’s SCALE program, Aptos developers will gain increased access to a suite of Chainlink services, significantly expanding their toolkit for building secure, scalable, and feature-rich dApps.

Chainlink’s CCIP plays a crucial role in facilitating communication between independent blockchains, a growing necessity in the proliferating digital asset ecosystem.

By enabling seamless data exchange across different networks and with external systems, Chainlink aims to solve one of the key challenges in blockchain interoperability.

Notably, Chainlink’s CCIP has been instrumental in its partnership with SWIFT, the global banking messaging system, demonstrating its efficacy in connecting diverse systems.

Aptos, founded by former employees of Meta, focuses on delivering low-cost transactions and high throughput. It leverages the Move programming language, originally developed for Meta’s now-defunct crypto project, Diem.

The integration with Chainlink is expected to provide significant benefits to the Aptos ecosystem, driving innovation and attracting more developers to the platform.

Bashar Lazaar, grants and ecosystem lead at the Aptos Foundation, emphasized the importance of this integration. He stated:

“Joining the Chainlink SCALE program will empower developers on Aptos with new and increased access to Chainlink services, expanding the toolkit of resources on Aptos available to help them build secure, scalable, and fully-featured dApps.”

The partnership represents a pivotal development for both Aptos and Chainlink, promising to accelerate the growth and adoption of decentralized technologies.

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