Solana

WATER

Coin

Ronaldinho Gaúcho is the latest soccer legend to promote the Solana token Water Coin (WATER) on Instagram following a similar post from&nbsp;Lionel Messi’s Instagram account.
A July 9 Instagram story to his 76.6 million followers showed a photo of him with Water Coin’s mascot peeping over his shoulder, which tagged the token’s Instagram account.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/7d20076d-86bc-4c8e-b1b3-5bf0a2ffb85f.png" alt="Ronaldinho joins Messi in promoting water-themed Solana memecoin" title="">
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 Source: Instagram
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WATER rallied 38.8% to $0.0012 one hour after Ronaldinho’s post but has since dropped below $0.00083, CoinGecko data <a href="https://www.coingecko.com/en/coins/water-coin" target="_blank" rel="noopener nofollow">shows</a>. Its price is now down 71% from its June 26 all-time high.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/321f8326-cc74-47db-a871-6c79f43d765f.png" alt="Ronaldinho joins Messi in promoting water-themed Solana memecoin" title="">
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 WATER’s price over the last month. Source: CoinGecko
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WATER’s price is up 158% from <a href="https://cointelegraph.com/news/lionel-messi-promotes-solana-memecoin-instagram">Messi’s Instagram post</a> on July 8, which shared a similar picture to Ronaldinho’s post.
Water Coin is supposedly focused on raising awareness for water-related issues, including supporting sustainable projects that prevent deforestation and help water distribution in Africa, <a href="https://watercoin.wtf/" target="_blank" rel="noopener nofollow">according</a> to its website.
Water Coin’s roadmap outlines its plans to form celebrity partnerships before becoming a charity-focused environmental token to achieve its goal.
While the Water Foundation supposedly only distributed 5% of the 88.88 billion <a href="https://cointelegraph.com/news/meme-coins-play-important-role-in-crypto">WATER tokens</a> to itself, YouTuber Ajay Kashyap was among the industry critics who <a href="https://x.com/EverythingAjay/status/1810565666665095553" target="_blank" rel="noopener nofollow">flagged</a> WATER as a potential <a href="https://cointelegraph.com/news/how-to-identify-and-avoid-a-crypto-pump-and-dump-scheme">pump-and-dump</a> token.
“Is this real or another pump and dump shit,” <a href="https://x.com/0xPonga/status/1810356700362453213" target="_blank" rel="noopener nofollow">added</a> crypto commentator Ponga. “Stay cautious boys.”
In August, Ronaldinho, a Brazilian national, appeared before a Brazillian parliamentary committee inquiry over an alleged $61 million crypto pyramid scheme that used his likeness.
The scheme, “18kRonaldinho,” promised 2% daily returns to investors and used images of the retired soccer star in its marketing.
<a href="https://cointelegraph.com/news/ronaldinho-refutes-role-crypto-pyramid-scheme">Ronaldinho denied any involvement</a> in the scheme, saying he never partnered with the project and argued he was also a victim as it used his likeness without his permission.
Related: <a href="https://cointelegraph.com/news/celebrity-crypto-tokens-absolutely-catch-sec-attention-say-lawyers">Celebrity crypto tokens will ‘absolutely’ catch SEC’s eye — Lawyers</a>
It comes as multiple high-profile figures have launched and promoted crypto tokens, including former Olympian Caitlyn Jenner.
UFC fighter Khazmat Chimaev recently uploaded a video to his Instagram promoting a crypto token using his name — Khazmat Chimaev (SMASH) — but later claimed he <a href="https://cointelegraph.com/news/khamzat-chimaev-wasnt-involved-smash-memecoin-manager">didn’t have any involvement</a> with the memecoin. 
According to crypto sleuth ZachXBT, the SMASH token distribution had characteristics of a pump-and-dump scheme, with the SMASH team allegedly <a href="https://cointelegraph.com/news/khamzat-chimaev-smash-crypto-insider-trading-concerns">owning 78% of its supply</a>. 
Magazine:&nbsp;<a href="https://cointelegraph.com/magazine/base-meme-coins-scams-vulnerabilities-honeypot/">1 in 6 new Base memecoins are scams, 91% have vulnerabilities</a>

Ronaldinho joins Messi in promoting water-themed Solana memecoin

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