Soccer legend Lionel Messi has entered the world of crypto, promoting WATER Coin (WATER), a Solana-based memecoin, on his Instagram Stories.
The WATER project aims to tackle water-related environmental issues. Its roadmap includes four stages: presale and decentralized exchange listing, centralized exchange listing and non-fungible token (NFT) collection release, celebrity partnerships, and, ultimately, becoming an ecological currency dedicated to charitable efforts.
Despite its ambitious goals, the project lacks detailed plans on how these objectives will be achieved. Moreover, the token’s price has shown typical “pump and dump” behavior, surging nearly 400% within two hours before dropping by 50%.
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A significant risk lies in the token’s supply concentration. According to blockchain data service Bubblemaps, 30% of WATER is held by insiders, prompting warnings for investors to be cautious.
Despite these concerns, Messi’s endorsement has attracted many investors to WATER. The token’s 24-hour trading volume has reached nearly $136 million, and its market cap has surpassed $80 million.
This scenario mirrors recent incidents where hackers hijack celebrity social media accounts to promote crypto, as seen with actress Sydney Sweeney, rapper 50 Cent, and wrestler Hulk Hogan. However, Messi’s endorsement appears genuine, as the post remains on his Instagram without any claims of hacking.
While the WATER project aims to make a positive environmental impact, it remains to be seen if it will deliver on its promises or fade away as another fleeting crypto trend.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
