The Securities and Exchange Commission (SEC) has issued a public advisory warning against investing in a meme coin allegedly associated with the renowned Nigerian singer David Adedeji Adeleke, popularly known as Davido. This caution was released in a statement on the SEC’s website on Friday.
The SEC highlighted the inherent risks associated with meme coins, emphasizing their lack of fundamental value and speculative nature. “The general public is hereby advised that meme coins lack fundamental value and are purely speculative. The general public is further warned that investing in meme coins, including $Davido, is highly risky and should be done with a full understanding of the associated risk,” the statement read.
Our Data Prices On JMData:
- MTN SME 1: N255 per 1GB
- MTN SME 2: N259 per 1GB
- Airtel CG: N278 per 1GB
- Glo CG: N230 per 1GB
- 9mobile: N125 per 1GB
Download Our Mobile APP to get started: [JMData] https://play.google.com/store/apps/details?id=com.encrypted.jmdata
PAWS IS THE NEXT $DOGS
This Mining is the next after #DOGS, Don't Miss it Out
Use this link below to Join 👇👇👇👇👇
https://t.me/PAWSOG_bot/PAWS?startapp=6ZSAPFb3
Trending: BREAKING: Court Fines Kano Government ₦10m for Violating Emir Bayero’s Rights
Additionally, the SEC advised capital market operators to refrain from engaging with instruments beyond the commission’s regulatory framework. They emphasized that such instruments should not be distributed or monitored through any capital market mechanisms.
“Please note that the commission does not recognise $Davido as an investment product or investable asset class under its regulatory purview, as such individuals who patronize it, do so at their peril,” the SEC stated. They also indicated their readiness to monitor market developments closely and take regulatory action if necessary.
READ ALSO: Sokoto State Governor Approves N30,000, N20,000 for Workers, Pensioners as Sallah Bonus
Explaining the nature of meme coins, the SEC noted, “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.”
Davido launched the $Davido meme coin on Wednesday, May 29, 2024. However, the coin faced significant backlash after its value plummeted just a day post-launch, leading to widespread criticism from Nigerians. Disappointed investors and fans took to social media to express their frustration and disappointment over the coin’s nosedive in value.
Source: Punch NG.
JOIN NOW
https://t.me/PAWSOG_bot/PAWS?startapp=6ZSAPFb3
Google News Channel
Follow us on Google News for Latest Headlines
Join Our WhatsApp, Facebook, or Telegram Group For More News, Click This Link Below;
WhatsApp Channel
https://whatsapp.com/channel/0029VaELqhlHVvTXjDnUf80h
WhatsApp Group
https://chat.whatsapp.com/G6Lo3ss6WKLCOqBphZwQGk
Facebook Page
https://facebook.com/allmedia24news
Our Twitter Page
https://www.twitter.com/allmedia24news
Telegram Group
https://www.threads.net/@allmedia24news
Discover more from Allmedia24 News
Subscribe to get the latest posts sent to your email.