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.
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“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.
