Memecoin

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Degens

Moon

According to recent Instagram posts from Water memecoin, Ronaldinho and Messi shilled $WATER to their 76.6M and 504M followers, respectively. The announcements were met with mixed feelings as the crypto community learned that insiders control over 30% of the token’s supply.&nbsp;
Also read: <a href="https://www.cryptopolitan.com/solana-meme-coin-water-soars-350/" rel="noopener noreferrer nofollow">Solana meme coin ‘Water’ soars 350% after Messi’s Instagram post</a>&nbsp;
Crypto traders have <a href="https://x.com/ilodiwow/status/1810715362465316899" rel="noopener noreferrer nofollow" target="_blank">expressed</a> their surprise that the Water memecoin received the support of two legendary football characters. According to the memecoin’s official Instagram page posts, Messi and Ronaldinho had <a href="https://www.instagram.com/water.solana/" rel="noopener noreferrer nofollow" target="_blank">endorsed</a> $WATER to their combined fanbase of over 570 million. On-chain observer Moon <a href="https://x.com/ProfessorMooon/status/1810358880041361893" rel="noopener noreferrer nofollow" target="_blank">warned</a>&nbsp;that this was a terrible move for Messi, while crypto detective ZachXBT <a href="https://x.com/zachxbt/status/1805272711205396836" rel="noopener noreferrer nofollow" target="_blank">linked</a> Ronaldinho to previous&nbsp;Web3 scams.&nbsp;
<h2 id="span-style-font-weight-400-water-memecoin-price-skyrockets-after-celebrity-endorsements-span">Water memecoin price skyrockets after celebrity endorsements</h2>
Coingecko’s charts revealed a 158% spike in WATER’s price after Messi’s July 8 post on Instagram and another 38.8% rise an hour after Ronaldinho’s post. According to Coingecko <a href="https://www.coingecko.com/en/coins/water-2#:~:text=How%20does%20the,%2C%20while%20outperforming" rel="noopener noreferrer nofollow" target="_blank">data</a>, $WATER’s 21.6% price increase in the last 7 days outperformed the global crypto market, which fell 2.9%.&nbsp;
According to crypto enthusiast Crown Akinfolurin, $WATER was arguably the first meme token to <a href="https://x.com/RealRoyalSon/status/1810718402924712341" rel="noopener noreferrer nofollow" target="_blank">pull</a> this stunt and get “hyped by such big names.” He congratulated those who bought $WATER during the dip before the price pump inspired by Ronaldinho’s post doubled their investments. Nonetheless, Akinfolurin warned that $WATER investors could be headed for ‘a big wreck’.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Messi shilling <a href="https://twitter.com/search?q=%24WATER&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$WATER</a> on his his instagram story and pump the price 400% in 1 hr.
 Is this real or another pump and dump shit. Stay cautious boys. <a href="https://t.co/e1sSTTmAzW" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/e1sSTTmAzW</a>
 — Ponga (@0xPonga) <a href="https://twitter.com/0xPonga/status/1810356700362453213?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">July 8, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
NFT and crypto trader Jaim believed that $WATER had achieved something other memecoins had not, including giving a $300K donation to provide clean water for the needy. BlockTalks also agreed with $WATER’s mission to solve real-world problems by leveraging Web3 technology.&nbsp;
According to the BlockTalks community, $WATER is planning more marketing campaigns as it burned over 13 billion coins to create scarcity.&nbsp;&nbsp;
<h2 id="span-style-font-weight-400-memecoin-traders-debate-water-s-legitimacy-span">Memecoin traders debate $WATER’s legitimacy&nbsp;</h2>
The charity-focused memecoin was <a href="https://watercoin.wtf/#utility:~:text=create%20the%20cleanest%20and%20most%20ethical%20platform%20in%20the%20crypto%20space%2C%20treating%20our%20community%20with%20fairness" rel="noopener noreferrer nofollow" target="_blank">presented</a> to the crypto community as a clean and ethical cryptocurrency that operated on transparency and fairness. However, crypto YouTuber Ajay Kashyap raised concerns over the legitimacy of the memecoin. He <a href="https://x.com/EverythingAjay/status/1810565666665095553" rel="noopener noreferrer nofollow" target="_blank">referred</a> to it as another celebrity pump &amp; dump after its price temporarily surged 400% following Messi’s Insta post.
Another Crypto trader, Nana Yaw, also <a href="https://x.com/Official_Yahw/status/1810703723825340678" rel="noopener noreferrer nofollow" target="_blank">warned</a> that investors could easily lose their money after disclosing that the team behind $WATER had created the nearly obsolete $BEER token. According to self-proclaimed memecoin addict Skillerr, it was also difficult to determine whether Messi’s <a href="https://x.com/skillerrsol/status/1810356652769685791" rel="noopener noreferrer nofollow" target="_blank">support</a> was a scam, a hack, or just Messi ‘having some fun.’
Notably, data from Solscan revealed that the top 10 $WATER token holders controlled over 30% of the total supply, which Memecoin Degens <a href="https://x.com/memecoin_degens/status/1810915475506798810" rel="noopener noreferrer nofollow" target="_blank">perceived</a> as a red flag.&nbsp;
Cryptopolitan reporting by Collins J. Okoth

$WATER memecoin gets nod from Ronaldinho hours after Messi’s endorsement

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