On Monday, skilled soccer participant Lionel Messi promoted a Solana-based memecoin to his 504 million Instagram followers. The Argentine participant shared a hyperlink to Watercoin (WATER), propelling the token by 350%. The crypto neighborhood has expressed concern about Messi’s endorsement of the undertaking.
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World Soccer Stars Promote WATER
Lionel Messi, top-of-the-line gamers in soccer historical past, promoted a Solana undertaking named Watercoin. The soccer participant’s Instagram account shared a picture of Messi with the undertaking’s brand and a hyperlink to its Instagram web page.
Following the put up, the memecoin surged over 350%, going from $0.00032 to $0.0015 in a couple of hours. WATER’s market capitalization rose by 325%, surpassing the $100 million mark.
Shortly, customers expressed their considerations and doubts concerning the posts. Many speculated that Messi was a brand new sufferer of hackers who’ve restlessly focused public figures’ social media accounts on this cycle.
Nonetheless, Messi’s Instagram story has not been deleted as of this writing, and no official report of a hack has been made public, suggesting that the put up was licensed. Moreover, a number of makes use of identified the soccer participant’s earlier endorsement of crypto initiatives.
In February, the Inter Miami participant introduced his partnership with the Actual-World Property (RWA) tokenization platform. On the time, the platform’s token PLANET noticed excessive volatility after hovering by 1,500%.
Furthermore, the legitimacy of Messi’s promotion appears to be confirmed on Tuesday morning. Earlier in the present day, retired Brazilian sensation Ronaldinho promoted WATER on his Instagram account. The put up has the identical format as his former teammate’s story, with an image of the soccer participant and WATER’s brand.
Is WATER One other Solana-Primarily based Rip-off?
Whatever the posts’ legitimacy, the crypto neighborhood stays involved concerning the undertaking. Many customers identified that the workforce behind Watercoin is identical workforce liable for one other Solana-based memecoin, Beercoin (BEER).
As reported by NewsBTC, BEER crashed down final month after whales began promoting giant sums of the token. Seemingly, team-related wallets began cashing out, which plummeted the value and fueled deep considerations concerning the undertaking. Since then, BEER has seen a 95% value decline.
Like Beercoin, WATER is surrounded by insider buying and selling considerations. Crypto analytics agency Bubblemaps urged customers to stay vigilant of the Solana token. Per the put up, insiders management 30% of WATER’s complete provide.
It’s price noting that WATER raised over $40 million in presale and reached a $1 billion market cap after launching final month. Nonetheless, the token seemingly skilled “important insider exercise,” which plummeted the token’s valuation by 97%.
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Regardless of this, some market watchers imagine WATER is “beginning to look stable” based mostly on its present buying and selling exercise. VikingXBT instructed that the token might double its value if it efficiently flips the $0.0011 resistance degree.
On the time of writing, WATER trades at $0.00095, a 198% enhance within the final 24 hours.
Featured Picture from Unsplash.com, Chart from TradingView.com
