The Securities and Exchange Commission has warned the public against investing in the meme coin allegedly linked to the popular Nigerian singer, David Adedeji Adeleke, popularly known as Davido.
This was contained in a statement posted on the commission’s website on Friday.
SEC warned that anyone who patronises the meme coin, do so at their peril.
“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.
“Capital market operators are by this notice warned not to associate with instruments that fall outside the SEC’s regulatory purview. Such instruments should not in any manner be distributed or monitored through any capital market mechanism.
“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 statement read.
