Soccer legend Lionel Messi has entered the world of crypto, selling WATER Coin (WATER), a Solana-based memecoin, on his Instagram Tales.
The WATER mission goals to deal with water-related environmental points. Its roadmap consists of 4 phases: presale and decentralized alternate itemizing, centralized alternate itemizing and non-fungible token (NFT) assortment launch, superstar partnerships, and, finally, changing into an ecological forex devoted to charitable efforts.
Regardless of its formidable targets, the mission lacks detailed plans on how these targets will likely be achieved. Furthermore, the token’s worth has proven typical “pump and dump” conduct, surging almost 400% inside two hours earlier than dropping by 50%.
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A big danger lies within the token’s provide focus. In line with blockchain information service Bubblemaps, 30% of WATER is held by insiders, prompting warnings for buyers to be cautious.
Regardless of these issues, Messi’s endorsement has attracted many buyers to WATER. The token’s 24-hour buying and selling quantity has reached almost $136 million, and its market cap has surpassed $80 million.
This situation mirrors current incidents the place hackers hijack superstar social media accounts to advertise crypto, as seen with actress Sydney Sweeney, rapper 50 Cent, and wrestler Hulk Hogan. Nevertheless, Messi’s endorsement seems real, because the publish stays on his Instagram with none claims of hacking.
Whereas the WATER mission goals to make a constructive environmental influence, it stays to be seen if it is going to ship on its guarantees or fade away as one other fleeting crypto pattern.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Struggle II period.
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