In a bold move into the cryptocurrency arena, popular content creator Sabinus has unveiled his own digital currency, Sabicoin. This launch makes him the second Nigerian celebrity to venture into the crypto space within a month, following Afrobeat star Davido Adeleke's contentious introduction of his token, $Davido, which faced backlash from investors who reported financial losses.
Announcing the news on the X platform, Sabinus shared that Sabicoin was inspired by the pervasive use of his memes across social media and his own investor persona. "Sabicoin is a digital currency inspired by the Investor himself, Sabinus, and the popular use of his memes on several social media platforms," he stated.
The introduction of Sabicoin has elicited mixed reactions from the public. While some supporters are optimistic, critics express concerns, especially given the recent issues surrounding $Davido. Many are wary of celebrity-backed cryptocurrencies, fearing potential financial pitfalls.
Godwin_Dgenius commented on the platform, "Guy, you just cash out and want to use us to recover. Sabi Nwa, this isn't fair." On the other hand, dahnnysparrow saw the trend as a positive sign for the crypto market, urging investors to "HODL your coins 🪙."
Skepticism remains prevalent, with users like kwesiijr expressing distrust from past experiences with celebrity tokens. "_ifycalex voiced concerns, "Hope you won't rug pull on us like the other celebrity," hinting at fears of sudden liquidity withdrawal by the token creators.
Despite the doubts, there are those like iamfizzle123 who remain hesitant to invest, and CaptEnai who dismissed Sabicoin as "worthless," suggesting it would primarily benefit Sabinus and his team.
The launch of Sabicoin highlights the increasing intersection of celebrity influence and cryptocurrency investment in Nigeria, stirring a blend of excitement and caution among investors in the digital asset sphere.
