Brazilian
football
icon
Ronaldinho
Gaúcho
has
made
headlines
by
actively
promoting
the
mainstream
adoption
of
cryptocurrency,
sparking
widespread
discussion
and
excitement
among
his
vast
global
following.
Utilizing
his
influential
status,
Ronaldinho
posed
a
compelling
question
on
social
media,
“Time
for
crypto
to
go
mainstream,
who’s
with
me?”
This
direct
appeal
led
to
his
message
being
viewed
over
2.2
million
times
and
retweeted
thousands
of
times,
indicating
significant
interest
in
his
endorsement.

Crypto
Expert
Issues
Warning
On
Ronaldinho’s
Endorsements

A
few
days
earlier,
Ronaldinho
announced
a
strategic
partnership
with
Lingo,
a
platform
that
aims
to
merge
the
utility
of
reward
tokens
with
real-world
assets
through
blockchain
technology.
The
collaboration,
revealed
via
X
(formerly
Twitter),
positions
Ronaldinho
as
a
pivotal
ambassador
for
Lingo,
aiming
to
leverage
his
celebrity
status
to
introduce
a
broader
demographic
to
the
nuances
of
digital
assets.

 

This
partnership
is
one
of
many
examples
where
celebrities
have
used
their
platform
to
promote
financial
technologies,
potentially
attracting
new
users
unfamiliar
with
the
crypto
ecosystem.
Ronaldinho’s
influence
is
particularly
potent,
given
his
international
fame
and
large
social
media
following
which
includes
millions
of
fans
across
multiple
platforms.

However,
the
announcement
was
met
with
skepticism
from
some
quarters
of
the
crypto
community.
Notably,
ZachXBT,
an
on-chain
analyst
known
for
investigating
fraud,
responded
critically.
He
highlighted
Ronaldinho’s
history
with
cryptocurrency
endorsements,
which
he
claimed
predominantly
involved
“pump
and
dump”
schemes.

ZachXBT
stated,
“Is
this
a
translation
for
you
are
bankrupt
again?
In
case
you
forgot,
here
are
all
of
the
crypto
projects
you
pump
and
dumped
over
the
years,”
and
cited
several
projects
Ronaldinho
previously
promoted,
including
World
Cup
Inu,
Kisht
Inu,
MiniFootball
Club,
Atari
Chain,
Lord
Society
NFTs,
BabyDoge,
and
Metaverk
(MEVR).
He
questioned
the
sustainability
and
integrity
of
these
initiatives,
sharing
evidence
of
Ronaldinho’s
past
financial
troubles
to
suggest
a
potential
motive
behind
these
promotions.

Is
this
a
translation
for
you
are
bankrupt
again?

In
case
you
forgot
here
are
all
of
the
crypto
projects
you
pump
and
dumped
over
the
years.

pic.twitter.com/VvVRQR6tKt

—
ZachXBT
(@zachxbt)

June
24,
2024

This
criticism
underscores
a
broader
issue
within
the
cryptocurrency
landscape—celebrity
endorsements
can
significantly
sway
market
prices
and
investor
sentiment,
often
without
a
clear
assessment
of
the
underlying
value
or
potential
of
the
project
being
promoted.

 

Ronaldinho
is
not
alone
in
his
foray
into
cryptocurrency
endorsements.
Other
celebrities,
including
Australian

rapper
Iggy
Azalea
and
sports
figures
like
Lionel
Messi,

Tom
Brady,
and
Naomi
Osaka,
have
also
engaged
with
various
crypto
projects,
often
resulting
in
short-term
market
excitement.

For
example,
the
launch
of
the
MOTHER
token
by
Iggy
Azalea
on
the
Solana
blockchain
quickly
reached
a
market
cap
of
$200
million
due
to
a
90%
price
surge
within
just
24
hours.
These
instances
serve
as
a
reminder
of
the
potent
mix
of
celebrity
influence
and
the
speculative
nature
of
the
crypto
markets.
They
also
highlight
the
importance
of
investor
caution.

The
involvement
of
celebrities
can
lead
to
increased
exposure
and
potentially
accelerate
adoption,
but
it
also
introduces
risks,
as
seen
in
the
legal
challenges
faced
by
figures
like

Floyd
Mayweather
Jr.,
who
was
implicated
in
promoting
fraudulent
initial
coin
offerings
(ICOs).

At
press
time,
MOTHER
traded
at
$0.0614,
still
down
-78%
from
its
all-time
high.

Featured
image
from
Sky
Sports,
chart
from
TradingView.com

Go to Source
Author: Jake Simmons

Recommended Crypto Services, Products and Strategies: