The Solana-based cryptocurrency Water (WATER) has seen a significant 120% surge in its price, pushing it into the top trending coins category on Google.
According to the latest data from CoinMarketCap, WATER is trading at $0.00092, representing a 122% increase. The crypto asset’s 24-hour trading volume has also seen a significant spike, jumping 243% to nearly $40 million. Its market cap currently stands at $82.23 million.
The recent surge in meme coin WATER can be attributed to soccer star Lionel Messi sharing an image of the Solana-based meme coin with his 504 million Instagram followers, as crypto.news previously reported.
The token’s value surged nearly 400% in just three hours after Messi’s post, though it has since fallen 72% from its all-time high on June 25. Notably, a small group of wallets control 35% of the token’s supply.
Bubblemaps, an on-chain analytics firm, had expressed concerns about the focus of the offering, warning investors to stay away, but the enthusiasm generated by Messi’s endorsement has overshadowed those warnings.
Meanwhile, another X user who goes by the name yourfriendSOMMi claimed that the team behind WATER managed to influence Lionel Messi’s marketing team to promote the coin despite Messi likely having little knowledge about cryptocurrencies or how they work.
The user also claimed that the individuals behind WATER are the same people involved in the BEER and TEA meme coins, who were previously accused of executing scams that resulted in losses of over $40 million.
Recently, there have been instances where hackers have used celebrity social media accounts to promote meme coins, such as those involving Sydney Sweeney and 50 Cent. However, Messi’s post appears to be legitimate as it is still online, and no hack has been reported.
WATER claims to aim for “a net positive impact on the real world,” though details on how this will be achieved remain vague. The meme coin’s website mentions a partnership with the creators of another volatile Solana meme coin, BEER.
The meme coin website emphasizes that WATER has no intrinsic value or expected financial return. It also provides information on where to buy and trade the token, listing platforms such as Bitget, BitMart, and MEXC.
It is worth noting that other Solana-based cryptocurrencies that saw double-digit growth in the last 24 hours include Bonk (BONK) and Brett (BRETT) respectively.