The Securities and Exchange Commission (SEC) has cautioned Nigerians against investing in a meme coin known as $Davido, which is purportedly linked to Nigerian Afrobeat singer David Adeleke, popularly known as Davido.
In an official statement, the Commission explained that meme coins are cryptocurrencies inspired by internet memes and jokes.
The SEC highlighted the risks associated with these coins, stating that they are highly speculative and lack intrinsic value.
Furthermore, the Commission advised capital market operators to avoid engaging with financial instruments that do not comply with SEC regulations.
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