Nigerian singer David Adedeji Adeleke, widely known as Davido (Omobaba Olowo), is one of Africa’s top Afrobeats superstars, Davido has significantly influenced the Nigerian music industry and earned international recognition.
With more 29 million Instagram followers, the “30 BG” singer wields considerable influence. This has amplified his engagement and earnings together with his thriving music career, the singer has explored various financial ventures, potentially signaling a desire to expand into business beyond entertainment. However, many of these ventures have faced challenges and ended in failure.
Let’s delve into the timeline and details of these endeavors, shedding light on the signs of their downfall over the past three years.
A Look at Davido’s Controversial Ventures into Personal Finance
1. January 2021 – Racksterli Promotion
In early 2021, as lockdown measures eased, Davido endorsed Racksterli, an investment platform owned by Michael Chidiebere Oti (also known as ‘Black Gold’). Celebrities like Nancy Isime and Williams Uchemba also promoted the platform.
Racksterli attracted over 422,000 subscribers, largely due to these endorsements. However, by June 2021, the platform had collapsed, leaving investors without their funds or promised returns. Davido faced significant backlash for his involvement.
2. June 2021 – RapDoge Meme Coin
Around the same time, Davido promoted the RapDoge cryptocurrency, encouraging his 9 million followers to invest through a now-deleted tweet. His promotion caused the token’s price to skyrocket by 100%.
Despite the initial surge, RapDoge’s value soon plummeted to pre-promotion levels. The incident highlighted the risks of celebrity endorsements in the volatile cryptocurrency market.
3. November 2021 – Echoke Token
In November 2021, Davido launched a social token called ‘ECHOKE,’ named after a slang phrase he popularized, meaning “pressure.” Built on the Binance Smart Chain, the token was meant to offer access to giveaways, NFTs, and exclusive merchandise. However, the token failed to gain traction and was unsuccessful.
4. 2024 – $Davido Meme Coin
In May 2024, Davido announced the launch of his own cryptocurrency token, “Timeless Davido” ($DAVIDO), created on the Pump Fun platform. He invested 7 SOL to purchase 203 million tokens, selling over 121 million within hours and earning over $473,000 in profit.
Despite the initial success, the token lost over 93% of its value the following day. According to CoinMarketCap, it is currently trading at $0.000010.
What You Should Know
Davido’s ventures into finance and investments over the last three years underscore the importance of due diligence and transparency. His involvement in controversial projects like Racksterli and various crypto tokens has had wide-reaching consequences, not just for him but for his fans and followers.
Moving forward, ensuring the legitimacy of endorsed projects will be essential for maintaining credibility and trust. Despite these financial missteps, Davido remains one of Nigeria’s most successful artists, with a strong presence in Africa and beyond.
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