- Water crypto token pumps after ‘endorsement’ by soccer stars.
- Some are skeptical about the memecoin despite a remarkable rally in the past few days.
The Solana [SOL] based $WATER crypto memecoin received a massive promotional boost from two soccer legends, Lionel Messi and Ronaldinho Gaucho.
Messi promoted the water-themed meme coin on his Instagram story on the 8th of July. Reacting to Messi’s promotion, market observer Alex Kruger termed it ‘wild.’
‘Messi is now shilling Solana memecoins. Via his Instagram stories. This is wild.’
On 9th July, another soccer star, Ronaldinho Gaucho, joined Messi and promoted the $WATER on his Instagram story, too. Ronaldinho’s promotion coincided with an over 350% rally for the memecoin.
Source: WATER/USDT, TradingView
Water Coin [$WATER], per its website, is an impact token aimed at safeguarding the environment and ‘supporting charitable courses.’
‘Unlike many memecoins that lack universal value, $WATER stands out with a clear purpose. Our token exists to ensure fair asset redistribution among holders while also supporting charitable causes.’
The recent endorsement from soccer stars to what perhaps looks like a good and charitable course aligned well with Ethereum’s [ETH] founder Vitalik Buterin’s vision for memecoins.
So, can it rally further and post more gains to speculators? One analyst thinks so and projected a 2X move was likely if WATER flips $0.001 into support.
Source: X/VikingXBT
However, others have warned that WATER may be a ‘pump and dump’ scheme.
‘Messi has just shilled $WATER memecoin on Instagram! Just a reminder: the last time Messi endorsed a token was $PLANET in March 2024. Since then, a constant dump of -90%’
Besides, some had issues with the project’s X (formerly Twitter) account, which had over 190K followers but had zero posts since its debut last month.
In the meantime, the memecoin traded at $0.0009 and was up 3% in the past 24 hours, per Coingecko data. However, compounding skepticism about the memecoin could derail market sentiment and call for caution.
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