Popular Nigerian singer, Ayodeji Ibrahim Balogun, also known as Wizkid has presumably taunted fellow singer David Adeleke, Davido over the deflation of Davido's recently launched cryptocurrency coin, $Davido.

LEADERSHIP reported that Davido partnered with Phantom and Solana to bring $DAVIDO whose market value surged past $10, and ranking number one on the DEX screener as of Wednesday night to fruition.

In a recent twist of the event, over 80% of that value has been wiped out with the coin's market capitalization dropping to $2.1 million amidst a massive selloff by Davido's piled-up social media followers.

Dailycoin, a crypto data outlet, has shown that Davido himself extracted a sum of whooping $474,000 from the token before cutting ties.

Prominent voices in the cryptocurrency space have taken to social media to assert that $Davido was a "Crypto Scam" from the very start.

Justin Gallum, a cryptocurrency analyst did not mince words in stating that Davido should be put in jail.

"If you bought the $DAVIDO meme coin expecting to cash out profits, in here to tell you that you were outright scammed by Davido himself. This is textbook behaviour for a crypto rug pull scam," said Rume, an Analyst on Channel TV and other media platforms.

Wizkid also took to his X handle to post "Work smart make you no go dey hustle like fool," he said presumably sending a message to his colleague.

While fans who cashed out from $Davido have expressed their happiness through social media posts, some others have also expressed their losses in like manner.

Davido has not officially responded to "scam" tweets making rounds, however, the singer took to X on Thursday night to thank everyone who patronised $Davido.

"I want to thank everyone that joined the $DAVIDO community last night!" he said.

The value of the coin was still fluctuating as at the time of this report.