On Monday, professional soccer player Lionel Messi promoted the Solana-based memecoin to his 504 million Instagram followers. The Argentine shared a link to Watercoin (WATER), which caused the coin’s value to surge by 350%. The crypto community expressed concern over Messi’s endorsement of the project.
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World football stars promote water
Lionel Messi, one of the best players in football history, has promoted Solana’s Watercoin project, and the footballer’s Instagram account posted a photo of Messi with the project’s logo and a link to the project’s Instagram page.
Following this post, memecoin’s value surged by over 350%, going from $0.00032 to $0.0015 in just a few hours. WATER’s market cap also surged by 325%, crossing the $100 million mark.
Users were quick to express their concerns and doubts about the posts. Many speculated that Messi was yet another victim of hackers who have been relentlessly targeting the social media accounts of public figures this tournament.
However, Messi’s Instagram story has not been deleted as of this writing, and no official report of the account being hacked has been made public, suggesting that the post was authorised. Additionally, several accounts have pointed to the former footballer’s endorsement of crypto projects.
In February, Inter Miami player Advertise His partnership with the Real Asset Token (RWA) platform. At that time, the platform’s PLANET tokens experienced high volatility after rising by 1500%.
Furthermore, the legitimacy of Messi’s promotion appeared to have been confirmed Tuesday morning. Earlier in the day, retired Brazilian star Ronaldinho promoted WATER on his Instagram account. The post had the same format as his former teammate’s story, with a photo of the footballer and the WATER logo.
Is Water another scam made by Solana?
Regardless of the legitimacy of the posts, the crypto community remains concerned about the project. Many users have pointed out that the team behind Watercoin is the same team behind another Solana-based memecoin, Beercoin (BEER).
As NewsBTC reported, BEER crashed last month after whales began selling large amounts of the token. Wallets associated with the teams apparently began cashing out, sending the price down and fueling deep concerns about the project. BEER has since seen a 95% price drop.
Like Beercoin, WATER is surrounded by concerns about insider trading. Cryptocurrency analytics firm Bubblemaps has urged users to be cautious about Solana. According to the post, insiders control 30% of WATER. Total water Supply.
It is worth noting that WATER raised over $40 million in its pre-sale and reached a market cap of $1 billion after its launch last month. However, the token appears to be Experienced “Major insider activity,” causing the token’s value to drop by 97%.
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However, some market watchers believe that WATER is “starting to look strong” based on current trading activity. VikingXBT Proposal The token price could double if it successfully breaks the $0.0011 resistance level.
At the time of writing, WATER is trading at $0.00095, a 198% increase in the past 24 hours.
Featured image from Unsplash.com, chart from TradingView.com