Following Argentine soccer superstar Leo Messi, former Brazilian football legend Ronaldinho shared an Instagram story yesterday to promote the memecoin WATER.
WaterCoin (WATER), a memecoin project within the Solana (SOL) ecosystem aimed at raising awareness about water-related issues, is gaining support from prominent soccer stars.
The website claims that the founders of WaterCoin hope to address deforestation and the shortage of clean water in Africa.
Unlike many other memecoins, WATER carries a noble purpose. Our token is not only designed for fair asset distribution but also to support charitable activities. With WATER, you can help others without incurring personal losses.
However, details on how the project plans to implement these charitable activities and address issues in Africa remain unclear, causing the investor community on X to worry that the WATER token might be a “pump and dump” scheme.
Celebrity endorsements of memecoins have become a hot topic in recent months. Some argue that these actions could lead to “rug pulls.” Similar incidents have occurred with stars like Hulk Hogan, 50 Cent, Sydney Sweeney, Metallica, and recently Doja Cat, whose social media accounts were hacked to promote dubious cryptocurrencies.
Notably, this isn’t the first time Ronaldinho has been involved in the crypto market. In 2022, he also promoted a memecoin on Ethereum called World Cup Inu (WCI), but later denied involvement, claiming his name was exploited.
Related: Messi Promotes Solana Memecoin WATER on His Instagram
Price Fluctuations of WATER
Currently, WATER has a market capitalization of 80 million USD, with trading volume decreasing to 15 million USD after a sharp increase fueled by endorsements from football legends.
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