Legendary Brazilian footballer Ronaldinho has sparked speculation about a potential cryptocurrency launch after warning his followers about fake meme coins using his name.
Celebrity meme coins have lately become a controversial topic in crypto, with reports bordering on manipulation and scams.
Ronaldinho Hints Possible Meme Coin Launch
In a recent post on X (Twitter), the football enigma cautioned the crypto community against fraudulent tokens and hinted at upcoming “big news.” While the announcement has ignited excitement among some fans, others remain skeptical.
“Hey guys! Keep an eye out for fake memecoins with my name around here. Remembering that I don’t have any official tokens yet… For the entire crypto community: stay tuned because very soon we will have big news here,” read the post.
Ronaldinho’s post comes when meme coins’ popularity has deteriorated and as investors turn to altcoins with real-world value. Notwithstanding, meme coins remain a predominant sector in crypto, often reflecting broader market sentiment.
However, concerns about scams and rug pulls remain high. Crypto analyst Michael van de Poppe responded skeptically, suggesting that Ronaldinho should focus on protecting retail investors instead of launching his own coin.
“I assume the big news is that you bought Bitcoin instead of launching your own meme coin because you’d like to protect retail crypto users and are not after money,” the analyst wrote.
Another user urged the football star to reconsider, warning that whomever he collaborates with for a token launch could exploit his reputation while leaving investors with significant losses.
Given his past controversies in the space, the caution surrounding Ronaldinho’s potential meme coin is not unfounded. Similarly, a recent report exposed how hackers impersonated the Saudi Crown Prince to promote fraudulent meme coins, reflecting the risks involved.
Risks of Celebrity Meme Coins and Market Manipulation
Furthermore, historical data shows that celebrity-backed tokens have a dismal track record. Meme coins linked to figures such as Donald Trump, Iggy Azalea, and Andrew Tate have suffered massive losses, with some plunging nearly 80% from their all-time highs.
Research also indicated that 97% of meme coins fail, with only 15 out of 1.7 million surviving. This highlights the precarious nature of these speculative assets. In the same tone, research revealed that 76% of influencer-promoted meme coins lose over 90% of their value within three months, leaving investors in losses.
Influencer-backed Meme Coins Success Rate. Source: CoinWire Research
The skepticism extends beyond individual traders, as even major figures in the crypto industry have raised concerns. Binance’s former CEO, Changpeng Zhao, has publicly criticized meme coins. As BeInCrypto reported, he argued that they lack long-term utility and contribute to the industry’s negative perception.
His comments have sparked debate on crypto standards, with some agreeing that meme coins fuel speculative trading and scams. Nevertheless, others defend them as a cultural phenomenon within the crypto space.
Adding to the concerns, a recent study revealed that over 60% of Pump.fun meme coin traders are losing money. This reinforces the idea that these tokens are high-risk investments.
Despite the risks, meme coins remain integral to the crypto market. The US SEC (Securities and Exchange Commission) recently clarified that meme coins are not considered securities, providing some regulatory certainty.
Ronaldinho’s potential venture into the meme coin space remains uncertain. While his announcement has generated buzz, the backlash highlights the broader issue of celebrity involvement in crypto projects. As history has shown, most celebrity-endorsed tokens end in disaster, raising questions about whether Ronaldinho’s potential project will be any different.
