Soccer Legends Messi and Ronaldinho Endorse Solana-Based Meme Coin WaterCoin

Soccer Legends Messi and Ronaldinho Endorse Solana-Based Meme Coin WaterCoin

Soccer icons Lionel Messi and Ronaldinho Gaucho have lent their star power to a new Solana-based meme coin called WaterCoin (WATER), using their massive social media followings to promote the project.

High-Profile Endorsements Boost WaterCoin Visibility

Lionel Messi and Ronaldinho Gaucho, two of the biggest names in soccer, have recently endorsed the Solana-based meme coin WaterCoin (WATER) on Instagram. With Messi boasting over 500 million followers and Ronaldinho nearly 77 million, their endorsements are set to dramatically increase WaterCoin’s visibility.

On July 8, Messi shared a post on Instagram featuring himself alongside the Water token logo. Ronaldinho followed suit the next day with a similar promotion on his Instagram account. These high-profile endorsements have brought significant attention to WaterCoin, which is focused on raising awareness and addressing ecological issues through charitable donations.

WaterCoin confirmed Messi’s endorsement, marking the first celebrity to publicly support the project. This followed a series of teasers from the WaterCoin team about a major celebrity partnership. According to WaterCoin’s website, the project aims to tackle real-world ecological challenges, having already donated $200,000 worth of Bitcoin to help 4,000 people in Uganda and Ethiopia access clean water, along with $240,000 worth of Water tokens to various charities.

Meme Coin with a Purpose, But with Caveats

Despite its charitable ambitions, legal disclosures clarify that WaterCoin is a meme coin “with no intrinsic value or expectation of financial return” and is “completely useless and for entertainment purposes only.” WaterCoin’s roadmap outlines an ambitious journey from the initial presale to centralized exchange listings, celebrity partnerships, and becoming a “charity-focused environmental currency.” However, the roadmap lacks detailed strategies for achieving these goals, and the token’s price action has shown patterns typical of “pump and dump” schemes, leading to skepticism among some observers.

Launched in late June by the team behind Beer, another Solana meme coin that once reached a $1 billion market capitalization, WaterCoin’s presale was oversubscribed. The token briefly hit a $500 million market cap but has struggled to maintain momentum since then.

Volatility Follows Messi’s Endorsement

Following Messi’s endorsement, WaterCoin experienced a significant price spike, soaring from $0.00031 to $0.00147, a 360% increase. However, the gains were short-lived, with the price dropping over 70% from a high of $0.00264 on June 26. As of now, WaterCoin is trading at $0.00075, down 20% for the day. The temporary boost from Messi’s endorsement pushed WaterCoin’s market value to over $100 million, but the token’s volatility reflects a broader trend of celebrity-endorsed cryptocurrencies experiencing initial surges followed by significant declines.

In recent months, several US-based public figures, including Caitlyn Jenner, Iggy Azalea, and Jason Derulo, have launched and promoted their crypto tokens. Despite initial spikes, many of these tokens have seen their values plummet by at least 66% shortly after their peaks.

Risks of Celebrity-Endorsed Meme Coins

The appeal of meme coins among influencers and celebrities remains strong, but these endorsements often lead to significant losses for investors. This has contributed to a negative reputation for the industry, as many celebrity-backed tokens lose their value rapidly. For example, rapper Dimitri Leslie Roger, known as Rich The Kid, posted a link to purchase a new token called ‘RICH,’ which he later deleted without confirming or denying its legitimacy. Similarly, professional wrestler Hulk Hogan distanced himself from a meme coin named after him that was promoted on his X account. The false endorsement initially caused the Hogan meme coin’s market cap to skyrocket, but it crashed from $17 million to $2 million within minutes after Hogan’s denial.

Conclusion

The endorsements from soccer legends Lionel Messi and Ronaldinho Gaucho have significantly raised the profile of WaterCoin, a Solana-based meme coin. However, the volatile nature of meme coins and the history of rapid value declines following celebrity endorsements serve as a cautionary tale for investors. While WaterCoin aims to address ecological issues through charitable donations, potential investors should approach with caution, keeping in mind the entertainment-only nature of the token.

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