Solana-based cryptocurrency WATER saw a brief spike in value after a football icon promoted the project on social media, before falling back to levels seen on Monday.
On Tuesday, former Brazilian soccer star Ronaldinho Gaucho promoted the Water (WATER) charity coin on Instagram. Ronaldinho is the second sports legend to post about water on Instagram Stories, following Lionel Messi, who was revealed as an official representative on Monday.
The water brought together two world-renowned athletes and celebrities in two days, but little is known about the project’s plan to support charitable causes.
In response to a request for comment from crypto.news, a project representative said that WATER has been involved in a wide range of initiatives, including mitigating the effects of massive flooding in southern Ukraine, helping to educate local communities in northern Brazil, and providing clean water to 4,000 people in Uganda and Ethiopia. At the time of publication, crypto.news had not verified these claims.
According to the official website of the WATER project, the token was created in partnership with the BEER memecoin team and “has a clear purpose,” unlike other memecoins. The project said that combating deforestation and improving water distribution in Africa are top priorities. However, details on achieving these goals and the source of funding have not been shared yet.
“Right now, we are looking at possibilities that could provide hundreds of thousands of dollars to make a visible and direct impact in multiple locations around the world,” a WATER spokesperson told crypto.news in a private note. The representative added that the team has multiple ways to generate funds, including market-making fees.
Another excerpt from the site notes that a publicly known wallet address will be shared so that observers can track donations and disbursements to the campaign. “WATER is a meme coin with no intrinsic value or expectation of financial return,” the pseudonymous team added. “WATER is completely useless and for entertainment purposes only.”
It’s unclear how close the Brazilian’s ties to Water memecoin are based on a single social media post. Ronaldinho has previously denied involvement in a cryptocurrency scam using his identity last year.
After Messi and Ronaldinho managed to inflate the token to nearly 600 million users combined, Water’s value jumped more than 200% on Tuesday. DEX ExaminerBy Wednesday, WATER had recovered much of its gains and was up a modest 2.4%, hovering around a market cap of $69 million.