The Nigeria Securities and Exchange Commission, SEC, has cautioned potential investors to avoid $Davido's coin linked to Nigerian popular singer, David Adeleke aka Davido. SEC said investing in $Davido's coin was risky because the meme coins lack fundamental value and are purely speculative. A statement by SEC management on Friday said it does not recognize the coin.
'Meme coins are also NOT intended to serve as a medium of exchange accepted by the public as payment for goods and services, or as a digital representation of capital market products such as shares, debentures, units of collective investment schemes, derivatives contracts, commodities or other kinds of financial instruments or investments. 'The general public is HEREBY ADVISED that meme coins lack fundamental value and are purely speculative.