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Ronaldinho teases meme coin launch amid crypto scam warnings

Source Cryptopolitan

Legendary Brazilian footballer Ronaldinho has sparked speculation of a potential crypto launch as he cautions his followers about counterfeit meme coins taking advantage of his name.

The rise of celebrity-backed meme coins has become a contentious issue in the crypto space, with growing concerns over manipulation and scams.

In a recent post, the soccer star sounded the alarm for the entire crypto community on X (the platform formerly known as Twitter) while hinting at “huge news coming.” The announcement has generated enthusiasm among some fans, but skeptics are warier.

The comment represents a larger worry surrounding cryptocurrencies promoted by celebrities, many of which have ties to pump-and-dump schemes, deceptive advertising, and a general absence of transparency.

People are right to be skeptical about Ronaldinho’s potential meme coin, given his past rise and fall in the crypto world. In 2023, he faced backlash for his frigid, ill-perceived connection with the swindling pyramid of crypto, which took money off investors. This added to skepticism over his digital asset operations.

Ronaldinho denied being affiliated with the pyramid scheme, said it was using his name and image without his consent, and insisted he was also a victim of the alleged scheme.

He said the photos were taken as part of a contract he signed in July 2019 with a subsidiary of the company that sold watches. Still, that contract was terminated later that year, in October, and was never executed.

US legislator sponsors a motion to ban President-released meme coin

Recent meme coin launches, including LIBRA and meme coin launches from US President Donald Trump, viral influencer Haliey Welch, and other celebrities — have since been exposed as a series of wildly “unfair and botted launches

Users decry meme coins, including scepticism, calling them highly flexible. Similarly, a recent investigation uncovered how hackers impersonated Saudi Crown Prince Mohammed bin Salman to promote fake meme coins, highlighting increasing risks within the sector.

These events reflect how investors in the highly speculative meme coin sector are the most apparent prey of opportunists creating hype around meme tokens while leveraging well-known infectious public figures.

Additionally, historical data suggests that when celebrities endorse a token, it doesn’t perform particularly well. Meme coins endorsed by Donald Trump, Iggy Azalea, and Andrew Tate are experiencing a nosedive of some 80% or even lost their entire peak value.

The US Congress is reportedly set to consider legislation that would ban the issuance of meme coins like President Donald Trump’s Official Trump (TRUMP) token.

California Representative Sam Liccardo said House Democrats introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act, which would prohibit public officials from profiting from digital assets.

Meme coins are important digital assets in the cryptosphere

On the other hand, proponents of meme coins argue that they are an integral part of the crypto culture. They say this sincerely, pointing out that such currencies offer community, entertainment, custom characters, and a means for anyone to participate in digital assets.

They refer to success stories: From humble beginnings, meme coins eventually develop into early adopters’ successes, achieving high positions within major online communities.

While industry opinions about the future of meme coins differ radically, the numbers already show a cooling appetite for the crypto sub-class.

According to data from Adam_Tehc on Dune Analytics, the number of new tokens launched on Solana-based meme coin deployer Pump.fun has dropped 59% in the last month.

While a handful of lucky traders may achieve short-term success, the overwhelming majority lose out on monumental amounts of money, showcasing how bubble-like the nature of the meme coin space has become.

The US Securities and Exchange Commission (SEC) has said that most meme coins are not securities in the US. This clarification of whether these tokens are primarily utility tokens within apps would help investors and developers address regulatory uncertainties. It also establishes that such tokens need not be registered with the SEC.

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Disclaimer: For information purposes only. Past performance is not indicative of future results.

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