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.
FOOTBALL LEGENDS BOOST AWARENESS FOR WATER MEMECOIN
— IBC Group Official (@ibcgroupio) July 9, 2024
WATER, a Solana-based memecoin, has received a significant boost in visibility thanks to endorsements from football icons Ronaldinho and Lionel Messi.
Both footballers, with vast Instagram followings, have promoted the coin,… pic.twitter.com/yC78t58IWN
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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Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.
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