The Nigeria Securities and Exchange Commission, SEC, has cautioned potential investors to avoid $Davido’s coin linked to Nigerian popular singer, David Adeleke aka Davido.
SEC said investing in $Davido’s coin was risky because the meme coins lack fundamental value and are purely speculative.
A statement by SEC management on Friday said it does not recognize the coin.
The statement reads: “The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to a meme coin known as “$Davido” allegedly linked to the popular Nigerian singer, David Adedeji Adeleke AKA Davido.
- Nigeria Evacuates First Ebola Patient to Switzerland as Health Minister Confirms Medical Flight
ABUJA, Nigeria — Nigeria’s first confirmed Ebola patient in more… - EFCC Raids Four Illegal Lithium Plants in Ogun, Arrests 14 Chinese Nationals and Nigerian
The Economic and Financial Crimes Commission (EFCC) has arrested 15…
“Generally, meme coins are cryptocurrencies inspired by memes and internet jokes. They are often envisaged as fun, light-hearted cryptocurrencies promoted through a social media community and sometimes through celebrity endorsements.
“Meme coins are also NOT intended to serve as a medium of exchange accepted by the public as payment for goods and services, or as a digital representation of capital market products such as shares, debentures, units of collective investment schemes, derivatives contracts, commodities or other kinds of financial instruments or investments.
