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Ronaldinho Joins the Crypto Game: Follows Messi’s Footsteps into Memecoin Frenzy

Last Updated 6 days ago
Lorena Nessi
Last Updated 6 days ago
By Lorena Nessi
Verified by Insha Zia
Key Takeaways
  • Messi’s latest play isn’t on the field.
  • The champion recently promoted a supposed charity memecoin based on Solana.
  • Brazilian soccer legend Ronaldhino joins his former Catalan teammate.

Celebrity meme coins have once again taken the spotlight, flooding the market with the allure of overnight success. Recent entries like GUNIT, HULK, and the cunningly named Akoin have seen a surge in interest. 

Soccer superstar Lionel Messi also recently kicked off on promoting a memecoin, leaving many to wonder whether it is another rug pull or a potential jackpot.

Now joining him is his former teammate from Barcelona, Ronaldinho Gaúcho. 

Ronaldhino Reunites With Messi?

After Messi turned heads with his unprecedented crypto plug, his former Barcelona teammate and Brazilian soccer legend Ronaldinho followed suit, promoting the same Solana-based charity token, WATER.

Like Messi, the former Rossoneri posted a story on Instagram  showing his support for the token. 

Ronaldinho’s promotion led Water Coin to spike nearly 40% within an hour of his post to reach $0.0012. However, the token had retraced its gains by press time and was trading under its initial level. 

Interestingly, this isn’t the first time Ronaldinho has been linked to a crypto project. In 2023, the former soccer superstar was accused of participating in an alleged crypto ponzi scheme that promised up to 400% in returns. When questioned by a legislative commission , Ronaldinho denied the allegation, asserting that he did not authorize the company to use his name and likeness.

Lionel Messi’s Cryptic Memecoin Plug: Jackpot or Another Rug Pull?

On Tuesday, July 9, Messi appeared to promote Solana-based memecoin, Watercoin, through his Instagram stories.

Messi’s involvement has sparked a flurry of activity and speculation among traders, eager to see if the memecoin will defy the odds or follow the same path as many other celebrity-backed ventures. With his massive global following, Watercoin quickly garnered attention. 

At the time of writing, Watercoin was the top gainer on Solana, according to CoinMarketCap.

While many celebrities, including rapper Iggy Azalea, YouTuber Jake Paul, and actor Lindsay Lohan, have promoted tokens with no questionable utility, surprisingly, the champion’s Watercoin is dedicated  to raising awareness and providing solutions for ecological issues, specifically water.

Watercoin’s roadmap outlines four stages: starting with the token’s initial presale, progressing through centralized exchange listings and celebrity partnerships, and culminating in its final phase as a “charity-focused environmental currency.”

Meme Coin Mania Still Takes Victims

The crypto industry has seen its fair share of memecoins come and go, with many failing to deliver on their grand promises. This track record makes it difficult for investors and the public to place their trust in new ventures, no matter how well-intentioned they may seem.

Meme coins, especially when linked to celebrities, almost always meet an ill fate. 

  • Kim Kardashian: faced a $1.26 million fine for not disclosing a $250,000 payment to promote EthereumMax on Instagram, which led to a legal battle and the dismissal of a class action lawsuit involving her and Floyd Mayweather Jr.
  • Steven Seagal: settled with the SEC for $314,000 after failing to disclose a $1 million payment received for promoting the cryptocurrency Bitcoiin2Gen.
  • Paris Hilton: promoted LydianCoin, which later faced legal scrutiny for misleading investors, highlighting the risks associated with celebrity-endorsed cryptocurrencies.

Just last week, UFC fighter Khamzat Chimaev, known for fighting his way to the top through sheer effort and determination, purportedly ventured into similarly murky waters.

Like Messi’s new crypto plug, Chimaev’s website  announced the debut of a new coin, Smash (SMASH), a Solana-based memecoin dedicated to the UFC star and designed to infuse the decentralized finance (DeFi) sector with his relentless fighting spirit. 

Named after Chimaev’s well-known rallying cry, ‘Smash Everyone,’ the token aimed to embody the fighter’s energy and determination. 

“They call it smash, let’s smash together, guys, let’s go,” he announced proudly  to his followers in a promotional video. 

Within hours, the market reacted just as swiftly in the opposite direction, with the value of $SMASH plummeting by 94%.

Amid the resulting fallout, Khamzat Chimaev’s manager, Majdi Shammas, pointed out  that Chimaev was not involved in promoting the SMASH meme coin and that the decision was made without the fighter’s input.  

Assessing the Risk: The Uncertain Future of Celebrity-Endorsed Meme Coins

Watercoin is boosted by Messi’s huge global popularity, sparking hope in a market known for its wild ups and downs, especially with celebrity-backed cryptocurrencies.

However, the appeal of celebrity-endorsed meme coins comes with significant risks. These include extreme market swings, vulnerability to scams, involvement in pump-and-dump schemes, low liquidity, and a high chance of losing value quickly. Investors must thoroughly research, verify the project’s claims, and be very cautious with these hype-driven investments.

The pressing question for Messi and potential investors alike remains: Can Watercoin truly deliver on its ecological pledges, or will it fall into the growing list of high-profile celebrity crypto flops?

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