The Rise of Water Coin: Ronaldinho Gaúcho Teams Up with Messi to Boost Solana’s memecoin

Soccer icon Ronaldinho Gaúcho has recently joined Lionel Messi in promoting Water Coin (WATER), a Solana-based memecoin, through an Instagram post. This promotion comes after Messi’s endorsement of the token on his social media, creating a buzz in the crypto community.

Ronaldinho’s Endorsement Sparks Interest

On July 9, Ronaldinho shared an Instagram story with his 76.6 million followers, featuring a picture of him with Water Coin’s mascot. This post quickly led to a 38.8% spike in WATER’s value, hitting $0.0012 within an hour. However, the token’s price soon dropped to below $0.00083, according to CoinGecko, marking a significant decline from its previous high.

Messi’s Earlier Promotion Boosts WATER’s Profile

Lionel Messi had earlier promoted Water Coin on June 8, which led to a 158% increase in the token’s value. Both soccer legends’ endorsements have significantly boosted the visibility of Water Coin, though its price remains volatile.

Also Read: WaterCoin Goes Viral: Messi Endorses Solana-Based Memecoin

Water Coin’s Mission and Roadmap

Water Coin aims to raise awareness for water-related issues and support sustainable projects, including preventing deforestation and improving water distribution in Africa. The project plans to leverage celebrity partnerships to transform into a charity-focused environmental token.

Criticisms and Controversies

Despite its noble goals, Water Coin has faced skepticism. Critics like YouTuber Ajay Kashyap and crypto commentator Ponga have raised concerns about the token potentially being a pump-and-dump scheme. The WATER Foundation claims only 5% of the 88.88 billion tokens were distributed to themselves, but skepticism remains.

Ronaldinho’s Past Crypto Controversies

Ronaldinho’s involvement with Water Coin follows his appearance before a Brazilian parliamentary committee in August over allegations of a $61 million crypto pyramid scheme. The scheme, named “18kRonaldinho,” falsely used his likeness to promise high returns to investors. Ronaldinho denied any involvement, claiming he was a victim as his image was used without consent.

Celebrity Influence in Crypto Markets

The promotion of crypto tokens by high-profile figures is not new. Former Olympian Caitlyn Jenner and UFC fighter Khazmat Chimaev have also promoted crypto tokens. Chimaev later distanced himself from the memecoin SMASH, which was suspected to be a pump-and-dump scheme, with the team allegedly controlling 78% of the token’s supply.