- Water crypto token pumps after ‘endorsement’ by soccer stars.
- Some are skeptical about the memecoin despite a remarkable rally in the past few days.
As an experienced financial analyst, I’ve seen my fair share of crypto market trends and hype surrounding various projects. The recent promotion of the Solana-based $WATER memecoin by soccer stars Lionel Messi and Ronaldinho Gaucho has certainly caused a stir in the community.
Two renowned soccer stars, Lionel Messi and Ronaldinho Gaucho, significantly amplified the visibility of the cryptocurrency meme token $WATER, which operates on the Solana blockchain (SOL).
On the 8th of July, Messi, the renowned footballer, shared a post about a water-themed meme coin on his Instagram story. This unexpected move sparked some excitement in the crypto community, with market observer Alex Kruger expressing his surprise by calling it “wild.”
‘Messi is now shilling Solana memecoins. Via his Instagram stories. This is wild.’
As a crypto investor, I was thrilled when soccer legend Ronaldinho Gaucho endorsed $WATER on his Instagram story on July 9th. His endorsement synced perfectly with a remarkable rally of over 350% for this memecoin.
$WATER, according to its website, functions as an impact token with a focus on protecting the environment and contributing to charitable causes.
” differential from numerous memcoins is the distinct objective of $WATER. Rather than being devoid of widespread significance, our token aims to promote equitable distribution of assets amongst token holders, as well as contribute to philanthropic initiatives.”
Soccer stars’ recent endorsement of a seemingly benevolent memecoin project aligns with Vitalik Buterin’s perspective on memecoins as the founder of Ethereum [ETH].
Could WATER potentially surge forward and bring about more profits for speculators? According to one analyst, the answer is yes. They anticipate a potential doubling in value, or a 2X move, if WATER manages to hold at the $0.001 support level.
However, others have warned that WATER may be a ‘pump and dump’ scheme.
“Messi recently promoted the memcoin $WATER on his Instagram! A quick recap: the last time he backed a cryptocurrency was $PLANET in March 2024. Following that endorsement, there was a significant price drop of approximately 90%.”
Additionally, there were concerns regarding the inactive X account (previously known as Twitter), boasting over 190,000 followers yet lacking any posts since its establishment a month prior.
During this period, the value of the memecoin hovered around $0.0009 according to Coingecko’s figures, representing a 3% increase over the previous 24 hours. Nonetheless, growing doubts about the authenticity of the memecoin may dampen investor confidence and warrant cautionary measures.
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2024-07-11 00:39