Key Takeaways
- Nigerian artist Davido shills meme token Rapdoge
- Coin pumps by 100% before dumping to pre-shilling levels
- Davido has a history of shilling suspicious financial projects
Davido, who is among the most followed Nigerian celebrities on Twitter, urged his over 9 million followers to buy RapDoge tokens on July 19. Following the endorsement, the token grew by more than 100% due to the growing interest from the tweet.
This prompted a subsequent tweet from the music star asking his followers whether they listened to his advice about the token. Since the initial hype, RapDoge has dropped and is back to its previous levels.
As expected, the crypto community in Nigerian went in on the celebrity accusing him of shilling a pump and dump coin. Davido has a history of shilling suspicious projects, and this includes a popular MLM project in Nigeria called Racksterli.
The musician endorsed the project several times before it turned out to be a massive Ponzi scheme, with many left counting their losses. RapDoge could be different, but its claims are ambiguous at best.
According to its website, the project calls itself the Doge Killer and is based on Ethereum and Binance Smart Chain. It claims that it will become the next best meme coin and that owners have submitted their liquidity following the launch.
Anonymity is common with many DeFi projects, but there is a small line between success and failure in the crypto space. There are many cases of projects rug pulling liquidity and leaving token holders and investors devastated.
It is therefore essential that you do adequate research on a coin before investing. Unfortunately, Davido has also set a dangerous precedent of not reviewing projects before shilling them to the public. Only time will tell if Rapdoge is a pump and dump project or a sustainable blockchain project.
Do you think RapDoge is a pump and dump coin?
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