Ronaldinho Joins Messi in Promoting Water Coin

NAIROBI (CoinChapter.com)— Ronaldinho Gaúcho, the Brazilian soccer legend, joined Lionel Messi in promoting Solana’s Water Coin (WATER), causing a spike in its value. Ronaldinho’s Instagram story on July 9, featuring Water Coin’s mascot, was shared with his 76.6 million followers.

The post came a day after Messi’s similar endorsement on his Instagram Stories, drawing significant attention to the token.

Impact of High-Profile Endorsements on Water Coin

Water Coin experienced a dramatic price surge of 38.8% to $0.0012 within an hour following Ronaldinho’s recent Instagram post. However, the token’s price quickly fell below its pre-pump level, settling at $0.00083, according to CoinGecko data.

The token settled down around $0.0008232, down 8.2% over the past 24 hours, and remains 71% below its all-time high on June 26.

Water Coin claims to focus on raising awareness for water-related issues, including sustainable projects and water distribution in Africa. Its roadmap emphasizes forming celebrity partnerships to transition into a charity-focused environmental token.

Ronaldinho joined the Water Coin promotion after appearing before a Brazilian parliamentary committee in August. The committee investigated his alleged involvement in a $61 million crypto pyramid scheme, “18kRonaldinho.”

The scheme promised 2% daily returns and used Ronaldinho’s likeness without his permission. Ronaldinho denied any involvement, asserting that he was also a victim because the project exploited his image without his consent.

Analysts Warn Users To Be Wary

Despite the positive endorsements, industry critics have flagged Water Coin as a potential pump-and-dump scheme. YouTuber Ajay Kashyap flagged WATER as a potential pump-and-dump scheme, raising concerns about the token’s true intentions.

Kashyap highlighted the Foundation’s decision to distribute only 5% of the 88.88 billion WATER tokens to itself as a red flag. Crypto commentator Ponga echoed this sentiment, warning his followers to “stay cautious” and questioned the project’s legitimacy.

Cryptophile on X also criticized Messi’s promotion of WATER, noting that his previous endorsement of the token PLANET in March 2024 resulted in a 90% price drop. This criticism adds to concerns about the legitimacy of celebrity-endorsed tokens.

The rise of celebrity-endorsed tokens is not new. UFC fighter Khazmat Chimaev faced backlash after promoting a token using his name, only to disassociate from it later.

Such incidents highlight the potential pitfalls of celebrity involvement in the crypto space. While endorsements can lead to short-term spikes, they also risk manipulation and investor loss.

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