Ronaldinho Follows Messi in Supporting Solana’s Water Coin

Last Updated on July 10, 2024

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Key Takeaways:

  • Ronaldinho Gaúcho’s Instagram promotion led to a temporary 40% spike in Solana’s Water Coin (WATER), but the price has since dropped below its initial level.
  • Despite endorsements from Ronaldinho and Lionel Messi, Water Coin is now down 71% from its all-time high but remains up 158% since Messi’s post.
  • Critics warn that Water Coin might be a pump-and-dump scheme, reflecting ongoing concerns about celebrity-backed crypto projects’ legitimacy.

Ronaldinho Gaúcho recently promoted the Solana token Water Coin (WATER) on Instagram, causing a temporary spike of nearly 40% in its price, which has since dropped below its pre-pump level.

Ronaldinho’s endorsement followed a similar promotion by Lionel Messi.

Despite these celebrity endorsements, WATER is now down 71% from its June 26 all-time high but up 158% since Messi’s post.

Water Coin aims to raise awareness for water-related issues, but critics like YouTuber Ajay Kashyap and commentator Ponga have flagged it as a potential pump-and-dump scheme.

Ronaldinho, who previously denied involvement in a $61 million crypto pyramid scheme using his likeness, appeared before a Brazilian committee regarding the issue.

This trend of celebrity endorsements in the crypto space continues amid concerns about the legitimacy of such tokens.

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