Soccer legends Lionel Messi and Ronaldinho Gaucho have publicly endorsed and promoted a Solana-based meme coin called WaterCoin (WATER) through their Instagram stories.
Lionel Messi and Ronaldinho Gaucho recently endorsed the Solana-based meme coin WaterCoin (WATER) on Instagram, aiming to build awareness around the project. With Messi boasting over 500 million followers and Ronaldinho nearly 77 million, their promotions have the potential to significantly increase the visibility of WaterCoin.
Celebrities Promote Solana-Based Meme coin WaterCoin on Instagram
On July 8, Lionel Messi, the Argentinian captain and FC Barcelona legend, shared an Instagram post featuring a picture of himself alongside the Water token logo. A day later, Brazilian and FC Barcelona soccer legend Ronaldinho Gaucho also promoted the meme coin through a story on his Instagram account.
The endorsements by these high-profile athletes have brought significant attention to WaterCoin, potentially increasing its visibility and adoption within the cryptocurrency community.
WaterCoin, focused on raising awareness and solving ecological issues, officially confirmed Messi’s endorsement. A spokesperson for WaterCoin noted that Messi’s promotion marks the first celebrity to publicly support the project. This endorsement followed a series of teasers by the WaterCoin team about a significant celebrity partnership.
According to the project’s website, WaterCoin aims to positively impact real-world ecological challenges through charitable donations. The project has donated $200,000 worth of Bitcoin (BTC) to help 4,000 people in Uganda and Ethiopia access clean water, along $240,000 worth of Water tokens donated to various charities.
However, the legal disclosures clarify that “WATER is a meme coin with no intrinsic value or expectation of financial return” and is “completely useless and for entertainment purposes only.”
Notably, WaterCoin’s roadmap outlines an ambitious journey from the initial presale of the token to centralized exchange listings, celebrity partnerships, and ultimately becoming a “charity-focused environmental currency.”
Despite these ambitions, the roadmap lacks detailed strategies for achieving its goals. The token’s price action has shown patterns typical of “pump and dump” schemes, causing skepticism among some observers.
Launched in late June by the team behind Beer, another Solana meme coin that once reached a $1 billion market capitalization, WaterCoin’s presale was over-subscribed, and the token briefly hit a $500 million market cap but has struggled to maintain momentum since then.
WaterCoin Surges 360% Following Lionel Messi’s Endorsement, Then Plummets
Solana-based meme coin Water (WATER) saw a significant price spike after soccer legend Lionel Messi promoted it on his Instagram account.
The endorsement caused WaterCoin’s price to soar from $0.00031 to $0.00147, a 360% increase. However, the gains were short-lived, and the price has since dropped over 70% from a high of $0.00264 on June 26, according to CoinGecko data. At the time of writing, WaterCoin is trading at $0.00075, down 20% for the day.
Messi’s endorsement temporarily boosted WaterCoin’s market value to over $100 million. However, the token’s price volatility is consistent with the broader trend of celebrity-endorsed cryptocurrencies experiencing initial surges followed by significant declines.
In recent months, several US-based public figures, including Caitlyn Jenner, Iggy Azalea, and Jason Derulo, have launched and promoted their crypto tokens. Despite initial spikes, many of these tokens, such as JENNER, DAVIDO, and RICH, have seen their values plummet by at least 66% shortly after their peaks.
The appeal of meme coins among influencers and celebrities remains strong, but these endorsements often lead to significant losses for investors. This has contributed to a negative reputation for the industry, as many of these celebrity-backed tokens lose their value rapidly.
For example, rapper Dimitri Leslie Roger, known as Rich The Kid, posted a link to purchase a new token called ‘RICH,’ which he later deleted without confirming or denying its legitimacy. Similarly, professional wrestler Hulk Hogan distanced himself from a meme coin named after him that was promoted on his X account.
The false endorsement initially caused the Hogan meme coin’s market cap to skyrocket, but it crashed from $17 million to $2 million within minutes after Hogan’s denial.
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