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Ronaldinho GaĆŗcho is the latest soccer legend to promote the Solana token Water Coin (WATER) on Instagram following a similar post from Lionel Messiās X account yesterday.
A July 9 Instagram story to his 76.6 million followers showed a photo of him with Water Coinās mascot peeping over his shoulder, which tagged the tokenās Instagram account.
WATER rallied 38.8% to $0.0012 one hour after Ronaldinhoās post but has since dropped below $0.00083, CoinGecko data shows. Its price is now down 71% from its June 26 all-time high.
WATERās price is up 158% from Messiās Instagram post on June 8, which shared a similar picture to Ronaldinhoās 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, according to its website.
Water Coinās 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 WATER tokens to themselves, YouTuber Ajay Kashyap was among the industry critics that flagged WATER as a potential pump-and-dump token.
āIs this real or another pump and dump shit,ā added crypto commentator Ponga. āStay cautious boys.ā
Lionel Messi's Instagram post about $WATER token caused its price to surge 400% in just three hours
Celebrities and their usual pump & dump
pic.twitter.com/AwgQLlq9Lq
ā Ajay Kashyap (@EverythingAjay) July 9, 2024
Ronaldinho, a Brazilian national, appeared before a Brazillian parliamentary committee inquiry in August over an alleged $61 million crypto pyramid scheme that used his likeness.
The scheme, ā18kRonaldinho,ā promised 2% daily returns to investors and used images of the retired soccer star in its marketing.
Ronaldinho denied any involvement 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.
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 ā Khazmat Chimaev (SMASH) ā but later claimed he didnāt have any involvement with the meme coin.
According to crypto sleuth ZachXBT, the SMASH token distribution had characteristics of a pump-and-dump scheme, with the SMASH team allegedly owning 78% of its supply.
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