Brazilian soccer icon Ronaldinho Gaucho has made headlines by actively selling the widespread adoption of cryptocurrency, sparking a lot dialogue and pleasure amongst his huge fanbase around the globe. Utilizing his influential standing, Ronaldinho requested a compelling query on social media: “It is time for crypto to go mainstream, who’s with me?” This direct attraction resulted in his message being seen greater than 2.2 million occasions and retweeted hundreds of occasions, indicating important curiosity in his help.
Crypto Knowledgeable warns of help for Ronaldinho
A number of days earlier, Ronaldinho introduced a strategic partnership with Lingo, a platform that goals to mix the utility of reward tokens with actual belongings by blockchain expertise. The collaboration, introduced through X (previously Twitter), makes Ronaldinho a key ambassador for Lingo, with the intention of utilizing his superstar standing to introduce a wider demographic to the nuances of the digital asset.
This partnership is one in all many examples the place celebrities have used their platform to advertise monetary expertise, probably attracting new customers unfamiliar with the crypto ecosystem. Ronaldinho’s affect is especially robust given his worldwide fame and huge social media following, which incorporates thousands and thousands of followers throughout a number of platforms.
Nevertheless, the announcement was met with skepticism from some quarters of the crypto group. Notably, ZachXBT, an on-chain analyst identified for investigating fraud, reacted critically. He highlighted Ronaldinho’s historical past with cryptocurrency endorsements, which he claimed largely concerned “pump and dump” schemes.
ZachXBT acknowledged, “Does this imply you are bankrupt once more? In case you forgot, listed here are all of the crypto initiatives you have pumped and dumped through the years,” and listed a number of initiatives Ronaldinho has beforehand promoted, together with World Cup Inu, Kisht Inu, MiniFootball Membership, Atari Chain, Lord Society NFT, BabyDoge and Metawerk (MEVR). He questioned the sustainability and integrity of those initiatives, sharing proof of Ronaldinho’s previous monetary issues to recommend a possible motive for these raises.
Does this imply you might be bankrupt once more?
In case you forgot, listed here are all of the crypto initiatives you have pumped and dropped through the years. pic.twitter.com/VvVRQR6tKt
— ZachXBT (@zachxbt) June 24, 2024
These criticisms spotlight a broader downside within the cryptocurrency panorama – superstar endorsements can considerably have an effect on market costs and investor sentiment, usually with no clear evaluation of the underlying worth or potential of the mission being promoted.
Ronaldinho will not be alone in his foray into cryptocurrency endorsement. Different celebrities, together with Australian rapper Iggy Azalea and sports activities figures reminiscent of Lionel Messi, Tom Brady and Naomi Osaka, have additionally participated in numerous crypto initiatives, usually resulting in short-term pleasure out there.
For instance, Iggy Azalea’s MOTHER token launch on the Solana blockchain shortly reached a market cap of $200 million on account of a 90% value spike in simply 24 hours. These circumstances function a reminder of the highly effective mixture of superstar affect and the speculative nature of crypto markets. In addition they emphasize the significance of investor warning.
Celeb involvement can enhance publicity and probably speed up adoption, however it additionally creates dangers, as seen within the authorized challenges confronted by people reminiscent of Floyd Mayweather Jr., who was implicated in selling fraudulent preliminary coin choices (ICOs).
At press time, MOTHER was buying and selling at $0.0614, nonetheless down -78% from its all-time excessive.
Featured picture from Sky Sports activities, chart from TradingView.com
