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Analysts caution investors against Davido’s meme coin

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4 months ago

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Financial analysts have raised concerns over Davido’s newly launched meme coin and warned about the associated risks.

The introduction of the coin into the market has sparked a debate within financial circles.

Experts have highlighted similarities to historical Ponzi schemes, such as MMM, where millions of investors lost substantial amounts of money.

Analysts argued that such coins often capitalise on the popularity of individuals without strong underlying fundamentals or a clear business model.

A financial analyst, Vincent Nwani, stated that if such a coin was allowed to flourish, it would negatively affect the Nigerian financial system.

He said, “To begin with, I’m a huge fan of Davido, his music, and his family, and I will continue to enjoy his tremendous contribution to the Nigerian entertainment industry. Notwithstanding, the recently launched Davido coin is a bit overboard for me because of its semblance to various Ponzi schemes that we have contended with in this economy.”

He noted that Davido’s celebrity status and fan base were the primary drivers of the coin’s value proposition.

“I say this for so many reasons. First, the workings of the coin seem to be conceived on the strength of Davido’s popularity, which he follows with a firm belief that the platform can successfully leverage his brand. If such a coin is allowed to thrive, what it does is that other popular personalities in Nigeria will quickly follow suit, and gross cases of abuse become inevitable. No doubt, this reality has a downside implication for the Nigerian financial system.

“The MMM experience remains so fresh in our minds. Three million Nigerians lost about N18bn to MMM, and this must not be allowed to happen again.”

The Security Exchange Commission has stated that the meme coin did not get regulatory approval and warned capital market operators not to associate with it.

Another financial analyst, Ambrose Omorodion, advised anyone without financial knowledge to avoid investing in cryptocurrency, adding that the SEC would not take the business to court if investors suffered losses.

“In the financial market, we need more products to fall into. However, meme coins are highly risky and I believe that is why the SEC came out to warn people that they are risky.

“Also, since cryptocurrency has emerged in the global space, I can see that people are now venturing into it, but my advice is that if they do not have the financial knowledge, they should not go into it or invest at all. The SEC will not sue the company if investors become victims,” he explained.

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Rapper Lil Durk faces potential death penalty over murder-for-hire plot

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2 days ago

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October 26, 2024 8:43 am

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Chicago rapper Lil Durk was arrested on Thursday just days after being honoured with the Keys to the Village of Broadview and of Bellwood for his contributions to the cities.

Lil Durk’s arrest is in connection with the killing of rapper Quando Rando’s cousin who was allegedly murdered in retaliation for the killing of rapper King Von who was an associate of Durk’s On The Family (OTF) crew.

Following his death, an unnamed co-conspirator who is part of OTF, Lil Durk is alleged to have offered money and lucrative music opportunities to anyone who would kill Quando Rondo.

According to the indictment, in August 2022, a gunman opened fire on Quando Rondo, whose real name is Terrell Bowman, while he was at a gas station in West Hollywood with his sister and cousin. Rondo and his sister were uninjured but his cousin, 24-year-old Saviay’a Robinson, was shot multiple times and died.

Lil Durk was arrested alongside 5 other members of the OTP crew who are facing a murder-for-hire charge and the use of a deadly weapon in a murder which carries up to a life imprisonment and a death penalty.

Lil Durk becomes the latest famous American rapper to be facing criminal charges after Atlanta rapper Young Thug who is currently facing trial for RICO charges.

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Gospel singer Dare Melody loses wife

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3 days ago

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October 25, 2024 11:59 am

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The wife of prominent gospel artist Damilare Odunuga, popularly known as Dare Melody, has passed away.

The news of Adedoyin Odunuga’s death was confirmed through a statement shared by Dare Melody on Instagram late Thursday, where he expressed his deep sorrow over the loss.

Earlier today, DM Multimedia, the company associated with Dare Melody, released an official statement, announcing Adedoyin Odunuga’s passing in the early hours of October 24, 2024.

The statement from DM Multimedia honored Mrs. Odunuga as a beloved presence among family, friends, and colleagues. “You will forever be in our hearts,” the message read, capturing the grief felt by those who knew her.

The full message from DM Multimedia added: “Black Day @DM Multimedia: DM Multimedia Mourns The Demise Of The Wife Of The Chairman (Evang. Dare Melody). It is with deep sadness and heavy hearts that we inform you of the transition to eternal rest of our beloved mother, wife, sister, and friend (Mrs Adedoyin Odunuga, Nee: Odagi), who passed away early this morning, today, 24th of October 2024. R💔💔💔I💔💔💔P. You will forever be in our hearts. #AdedoyinOdunuga. #Signed: DM Multimedia.”

Since the news broke, condolences have been pouring in for Dare Melody and his family. DM Multimedia has requested that the public keep the family in their thoughts during this difficult time.

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Burna Boy previews new song at sold-out Los Angeles concert

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3 days ago

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October 24, 2024 2:39 pm

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On October 23, 2024, Burna Boy packed up the Peacock Centre in Los Angeles as he thrilled fans with a collection of his hit singles.

The 2-day concert tagged Headliners Only saw Burna Boy team up with American-Senegalese music icon Akon.

The audience got a peek at one of the unreleased songs from Burna Boy’s next album, which he previewed to the excited crowd.

This is the second song Burna Boy will be previewing after earlier teasing the song ‘Empty Chairs’ off his next album which is expected to be released in 2025.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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