TLDR
- Soccer legends Lionel Messi and Ronaldinho promoted a Solana-based meme coin called Water Coin (WATER) on Instagram.
- Messi’s promotion led to a 350% surge in WATER’s price, while Ronaldinho’s post caused a 38.8% increase.
- Water Coin claims to focus on raising awareness for water-related issues and supporting sustainable projects.
- Some crypto commentators have expressed skepticism about Water Coin, suggesting it might be a pump-and-dump scheme.
- Both Messi and Ronaldinho have previously been involved in promoting other crypto projects, some of which have been controversial.
Football legends Lionel Messi and Ronaldinho have caused a stir in the cryptocurrency world by promoting a new Solana-based token called Water Coin (WATER) on their Instagram accounts.
These endorsements led to significant price movements for the token, drawing attention from crypto enthusiasts and critics alike.
Messi, who has 474 million Instagram followers, shared a story on July 8 featuring an image of himself with Water Coin’s mascot, a cartoon glass of water, perched on his shoulder.
The post included a link to the project’s Instagram page. Following Messi’s promotion, WATER’s price surged by 350% in just two hours, jumping from $0.00032 to $0.00146.
A day later, on July 9, Brazilian soccer star Ronaldinho followed suit. He posted a similar image to his 76.6 million Instagram followers, showing the Water Coin mascot peeking over his shoulder.
Ronaldinho’s post resulted in a 38.8% increase in WATER’s price, reaching $0.0012 within an hour.
Water Coin, which trades under the ticker WATER, is a relatively new cryptocurrency project on the Solana blockchain. According to its website, the token aims to raise awareness for water-related issues and support sustainable projects.
These include preventing deforestation and helping with water distribution in Africa. The project’s roadmap outlines plans to form celebrity partnerships and become a charity-focused environmental token.
Despite these stated goals, some crypto commentators have expressed skepticism about Water Coin. YouTuber Ajay Kashyap and crypto commentator Ponga have suggested that WATER might be a potential pump-and-dump token.
A pump-and-dump scheme is when the price of an asset is artificially inflated through misleading statements to sell the cheaply purchased asset at a higher price.
This isn’t the first time Messi and Ronaldinho have been involved in cryptocurrency promotions. Messi has been partnered with crypto exchange Bitget since October 2022. Some critics claim he has promoted other tokens in the past that later lost significant value.
Ronaldinho, too, has a history with crypto projects. In 2022, he appeared before a Brazilian parliamentary committee inquiry over an alleged $61 million crypto pyramid scheme called “18kRonaldinho.”
The project promised 2% daily returns to investors and used Ronaldinho’s image in its marketing. However, Ronaldinho denied any involvement, stating he was also a victim as his likeness was used without permission.
The promotion of Water Coin by these soccer stars highlights a growing trend of celebrities endorsing cryptocurrency projects.
Other notable figures who have promoted crypto tokens include former Olympian Caitlyn Jenner and UFC fighter Khamzat Chimaev.
As of the latest data, WATER’s price has settled at around $0.001, representing a 215.6% increase in 24 hours. The token has a market cap of approximately $94 million and a 24-hour trading volume of slightly under $40 million.
