Following in the footsteps of football legend Lionel Messi, former Brazilian football star Ronaldinho has also promoted the memecoin WATER on his Instagram Stories.

WaterCoin (WATER)

WaterCoin (WATER) is a memecoin project aimed at raising awareness about water-related issues within the Solana (SOL) ecosystem. The coin appears to be gaining support from famous figures in the football world.

On the evening of July 9, 2024, the Instagram account of the renowned Brazilian footballer Ronaldo de Assis Moreira (commonly known as Ronaldinho) featured a story promoting the memecoin WATER.

This move came less than 24 hours after the Instagram account of Argentinian football legend Lionel Messi posted a similar promotion the previous day.

Following Messi, Ronaldinho posted “shill” memecoin WATER

Details on WaterCoin

So far, information about WaterCoin remains limited, and future plans for the project are unclear. According to the introduction on the website linked to the WaterCoin project’s X account (formerly Twitter), the WATER token was created “in collaboration with the minds behind” the memecoin BEER and aims for charitable purposes.

The website claims that the founders hope WaterCoin will address deforestation and clean water shortages in Africa.

“Unlike many memecoins that lack global value, WATER stands out with a clear purpose. Our token exists to ensure fair distribution of assets among holders while supporting charitable activities. With WATER, you can contribute to helping others without personal loss.

For transparency, we will have a separate, publicly visible wallet address for charitable donations and any campaigns aimed at achieving our noble goals.”

Skepticism and Concerns

However, details on how the project will carry out its charitable activities and address issues in Africa are quite vague. As a result, much of the investor community on X suspects that the WATER token is experiencing a “pump and dump” scheme.

The mysterious promotions from two accounts with massive followings (Messi with 500 million followers and Ronaldinho with 77 million followers) have caused the WATER token to surge over 200% in the past 24 hours.

24h price chart of WaterCoin (WATER) on the evening of July 9, 2024 on CoinGecko.

Launching memecoins has become increasingly easy in recent weeks, partly thanks to pump.fun, a platform that allows users to create new tokens with a few clicks on Solana.

Celebrity Endorsements and Risks

With pump.fun, celebrity-endorsed memecoins have seen explosive growth on Solana, leading to unpredictable consequences for investors’ assets.

Celebrity “shilling” of memecoins has been a hot topic in recent months, with the adage “if it’s not a rug pull, it will go to the ground” often cited. Today’s events are reminiscent of past incidents involving former wrestling star Hulk Hogan, rapper 50 Cent, actress Sydney Bernice Sweeney, the band Metallica, and most recently, American singer and rapper Doja Cat, who all posted promotions for memecoins, only to later reveal their social media accounts had been hacked.

Investor Caution

While celebrity endorsements might bring temporary benefits, investors should not make decisions based solely on media influence. Thorough research is essential before investing in highly speculative assets like WATER.

Ronaldinho’s History with Crypto

This is not the first time Ronaldinho has been involved in the cryptocurrency market. In 2022, just before the World Cup, the Brazilian legend promoted a memecoin on Ethereum called World Cup Inu (WCI). However, Ronaldinho later denied involvement, claiming his name was exploited.

Source: Coin68