Ronaldinho’s Baby Doge Involvement Sparks Crypto Community Controversy

• Football icon Ronaldinho Gaúcho reignites curiosity in the cryptocurrency space with a recent declaration on X.
• His announcement has garnered mixed reactions from the crypto community, facing skepticism and criticism.
• Prominent on-chain investigator ZachXBT has publicly questioned Ronaldinho’s motives, citing his past controversial crypto endeavors.

Ronaldinho Gaúcho’s renewed interest in cryptocurrency sparks intense debate over the legitimacy and motives behind celebrity endorsements in the crypto world.

Ronaldinho’s Recent Announcement and Community Reaction

On June 23, Ronaldinho Gaúcho shared a bold message on X, advocating for the mainstream adoption of cryptocurrency, and invited his followers to join him on this journey. This pronouncement has evoked a wave of responses from the crypto community, many of whom are wary of his intentions. Renowned blockchain investigator ZachXBT responded critically, suggesting that Ronaldinho’s comeback might be fueled by financial desperation. He echoed concerns about the star’s history with various crypto projects, hinting at previous conflicts of interest.

Controversial Crypto History and Allegations

Ronaldinho’s re-entry into the crypto realm has stirred memories of his controversial past. In particular, ZachXBT brought attention to the superstar’s involvement in multiple crypto projects, such as Baby Doge, Atari Chain, Lord Society NFT, and World Cup Inu (WCI). A striking tweet from ZachXBT included a screenshot summarizing Ronaldinho’s engagement in these ventures, accusing him of ‘pump and dump’ schemes.

Time for crypto to go mainstream, who’s with me?

— Ronaldinho (@10Ronaldinho) June 23, 2024

This skepticism is not unfounded. Ronaldinho’s association with the “18kRonaldinho” project, accused of being a $61 million pyramid scheme, remains fresh in public memory. The project had drawn criticism for promising unsustainable returns of 2% per day and later collapsed, leaving many investors in financial turmoil. During a subsequent Brazilian congressional hearing, Ronaldinho disavowed any formal ties to the project, claiming his likeness was used without permission.

Celebrity Influence and Risks in Crypto Ventures

Ronaldinho’s venture is not an isolated case; many celebrities have ventured into the world of cryptocurrencies with varying outcomes. The rise in celebrity-endorsed meme coins has often led to rapid devaluation, causing notable financial losses for the investors. High-profile figures such as Caitlyn Jenner, Andrew Tate, and Davido have faced similar backlashes. Blockchain analytics from Bubblemaps have highlighted instances where celebrities like Andrew Tate and Iggy Azalea have been involved in questionable trading activities, leading to a rise in community concerns regarding transparency and trust.

Conclusion

As Ronaldinho Gaúcho makes headlines with his return to crypto advocacy, the mixed reactions underscore the growing need for regulatory scrutiny and investor awareness. While celebrity endorsements can bring attention to the crypto market, they also carry the risk of misleading underinformed investors, as past controversies illustrate. The crypto community remains vigilant, advocating for responsible and informed participation in the evolving digital asset space.