Home Latest Insights | News Look beyond ‘memecoin’ to really see $DAVIDO

Look beyond ‘memecoin’ to really see $DAVIDO

Look beyond ‘memecoin’ to really see $DAVIDO

Nigerian mega popular singer Davido released a memecoin yesterday named $DAVIDO

$DAVIDO was launced on the Solana network on May 29th and rapidly grew to a market capitalization of $10 million.

In a few hours, it dropped to around $2 million. Various ‘Apex Rags’ carry similar stories of Davido selling off his own $DAVIDO while at the same time encouraging his fans to buy.

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At the time of writing, Gecko Terminal quoted its market cap as $843.4 K.

Why do I think this is different? I think there is a limitations on perspective…  because everyone is basing what they say on what they know about $hitcoins and memecoins. They are not considering the nature of David Adeleke, otherwise known as Davido, his relationship with his fans, Nigeria generally, and the wider Afrobeats movement globally.

In 2021, Davido conducted an appeal for orphanages in Nigeria with a target of NGN 100M. This was around $250k USD at the time. By the appeal closure deadline, the account had accumulated $600k USD with remittances still arriving. Details of the beneficiary institutions can easily be found online.

Beyond this generally, there is a track record of a huge assortment of people of notoriety just ‘giving’ Adeleke ‘stuff’. The guy could probably live opulently for free if he wanted, at least for now.

It’s like as if he has Midas in his back pocket.

Kurt Cobain of the band Nirvana, had a 1969 Fender Mustang, which sold for $4,500,000 in 2022.

This guitar was used by him during Nirvana’s MTV Unplugged performance in 1993, five months before he was found dead in his home in Seattle, Washington.

For people who have crossed over into a rare state of mega-notoriety, prized memorabilia they leave behind, carries epic importance massively surpassing its practical value. It has become a physical symbol of a past unique and unprecedented moment.

Nobody’s notoriety exists forever, and it is only symbols of these special moments, when individuals on top of their game made something truly exceptional happen, will retain these sorts of values.

There are other known celebrities who had such moments, in entertainment or sport, who are still alive. They could probably buy an instrument, a set of boots, or boxing gloves right now, and sign it; but it wouldn’t be worth much more than its market price for what it actually is.

It’s not from a moment locked forever in history when they were ‘in the zone’ and made something visually and/or audibly spectacularly happen. They are no longer in that place where a short intro to a performance can send audiences or spectators into mass hysteria.

This is what makes me look at $DAVIDO in a different way. It might be a memecoin, but to masses who don’t even understand the bare concepts of even cryptocurrencies or blockchains, it may mean something else.

$DAVIDO has ‘happened’ when David Adeleke is at the pinnacle of his ‘game’. The days of being ‘in the zone’. It isn’t just the speculative token off Solana, the cryptocurrency community understand it to be. To the big wide world outside this community, it might be something much bigger, carrying far more meaning, and having enduring significance.

When you look, you notice Solana Smart Contract $hitcoin with all its ills. When you SEE, you observe something else.

To the type of people who brought an open debit slip or wallet to the orphanage appeal, or just make random high value ‘appreciation’ gestures to him, it’s more than a memecoin.

It’s a cryptographic receipt celebrating something they have already decided to give freely without looking for return. Actual speculators might be just a sideshow.

It may be the first ‘cryptomemorabilia’ of its kind.

Early release spikes always come, followed by a decline. A return to that level, if at all, will not come back any time soon.  But it is quite possible that $DAVIDO may settle at some level from which it will modestly appreciate, because of the enduring mass sentiment that is placed in David Adeleke.

Caitlyn Jenner might be able to keep up with the Kardashians, but it’s highly possible pump.fun can’t keep up with $DAVIDO longer term.

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