Ronaldinho Hints Possible Meme Coin Launch, Sparking Speculation

Legendary Brazilian footballer Ronaldinho has sparked speculation about a potential cryptocurrency launch after warning his followers about fake meme coins using his name. By BeInCrypto.

Legendary Brazilian footballer Ronaldinho is sparking speculation about a potential cryptocurrency launch after warning his followers about fake meme coins using his name.

As reports of cryptocurrency scams and market manipulation increase, especially in the realm of celebrity-related meme coins, Ronaldinho's announcement has raised interest.

Ronaldinho Hints at Possible Meme Coin Launch

In a recent post on X, formerly Twitter, the football star cautioned the crypto community against fraudulent tokens and hinted at upcoming "big news."

Announcing that he doesn't yet have any official tokens with his name, Ronaldinho said:

Hey guys! Keep an eye out for fake memecoins with my name around here.

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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.

Ronaldinho's announcement comes as the popularity of meme coins has decreased with investors shifting to altcoins with real-world value.

However, meme coins are still a significant sector in the cryptocurrency market and are often used to gauge broader market sentiment. But concerns about scams and rug pulls remain high.

Crypto analyst Michael van de Poppe responded skeptically to Ronaldinho's post, suggesting that the football star should be focusing on protecting retail investors from scams.

"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 stated.

Another user advised the football star to reconsider launching his own token, adding that whoever he teams up with for the token could exploit his reputation while leaving investors with huge losses.

Given Ronaldinho's past controversies in the crypto space, the caution surrounding his potential meme coin is not unfounded. Recently, hackers were reportedly impersonating the Saudi Crown Prince to promote a fraudulent meme coin.

Risks of Celebrity Meme Coins and Market Manipulation

Moreover, historical data showcases the dismal track record of celebrity-backed tokens. Meme coins linked to figures like Donald Trump, Iggy Azalea, and Andrew Tate have suffered significant losses.

For instance, "Trump Inu" has plunged nearly 80% from its all-time high, "Azalea Token" has plummeted about 98%, and "World Wide Web3," an initiative by the influencer Andrew Tate, has experienced a 90% price decline.

According to research by TokenInsight, 97% of meme coins fail, with only 15 out of 1.7 million surviving. This underscores the precarious nature of these speculative assets.

In the same vein, research from IntLedger uncovered that 76% of influencer-promoted meme coins sustain a loss of over 90% within three months, highlighting the extent of investors' potential losses.

This skepticism extends beyond individual traders, as even major figures in the crypto industry have expressed concerns. For instance, Binance's former CEO, Changpeng Zhao, has openly criticized meme coins.

As BeInCrypto previously reported, the Binance CEO argued that meme coins lack long-term utility and contribute to the increasing negativity surrounding the cryptocurrency industry.

Zhao's comments have sparked debate on crypto standards, with some agreeing that meme coins fuel excessive speculation and scams.

However, others defend meme coins as a cultural phenomenon within the crypto space, and they prefer focusing on the broader issues like crypto regulation.

Adding to the concerns, a recent study by Pump.fun revealed that over 60% of traders who invest in meme coins through the platform are currently losing money. This finding reinforces the idea that meme tokens are high-risk investments.

Despite the risks, meme coins remain a central part of the crypto market. Recently, the US SEC clarified that meme coins are not considered securities, providing some regulatory certainty for the meme coin sector.

Ronaldinho's potential venture into the meme coin space remains to be seen. While his announcement has generated excitement among some fans, others are skeptical and advise the football star to consider the broader implications of such an initiative.