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Messi Endorse a Solana Token with his 504 Million Instagram Followers

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Lionel Messi, widely considered one of the greatest footballers of all time, recently shared a Solana-based token with his 504 million Instagram followers.

Dev Possibly Paid Messi

Many users speculated that the developer paid for the ad. Nonetheless, there is no indication of whether messi was given some of the tokens.

This seemingly innocuous act has ignited a wave of discussion, particularly within the cryptocurrency community. It raises questions about the influence of celebrity endorsements and the inherent risks associated with emerging digital assets.

The token in question, currently down over 90% from its all-time high, highlights the volatility and fragility of the crypto market. While Messi’s endorsement initially fueled a surge in interest, the subsequent decline serves as a stark reminder of the speculative nature of this nascent industry.

A cluster of wallets now holding over 35% of the token’s supply further underscores the potential for manipulation and raises concerns about the token’s long-term viability.

Cristiano Ronaldo Sued for $1 billion after promoting NFTs

Portuguese soccer star Cristiano Ronaldo is facing a class-action lawsuit seeking at least $1 billion in damages for his involvement in promoting cryptocurrency-related “non-fungible tokens” (NFTs) issued by the troubled cryptocurrency exchange Binance.

The lawsuit, filed in federal court in the Southern District of Florida on Monday, alleges that Ronaldo’s promotion of Binance was “deceptive and unlawful.” The plaintiffs claim that Binance’s partnership with high-profile figures like Ronaldo led them into expensive and risky investments.

The lawsuit states, “Evidence now reveals that Binance’s fraud was only able to reach such heights through the offer and sale of unregistered securities, with the willing help and assistance of some of the wealthiest, most powerful, and recognized organizations and celebrities across the globe — just like Defendant Ronaldo.”

Representatives for Ronaldo declined to comment Thursday. Binance, the world’s largest cryptocurrency exchange, did not immediately return requests for a statement from The Associated Press.

Ronaldo launched his first NFT “CR7” collection with Binance in November of last year, ahead of the 2022 World Cup. The NFTs, which had starting prices ranging from the equivalent of about $77 to $10,000, featured seven animated statues depicting Ronaldo from iconic moments in his life, from bicycle-kick goals to his childhood in Portugal.

The lawsuit filed on Monday claims that Ronaldo’s Binance partnership’s promotional efforts were “incredibly successful.” It alleges a 500% increase in online searches using the keyword “Binance” after the soccer star’s NFTs were announced. The suit also mentions that the collection’s premium-level NFTs sold out within the first week.