Soccer legend Ronaldinho Gaúcho has adopted within the footsteps of Lionel Messi by selling the Solana-based token WATER Coin (WATER) in an Instagram story on July 9.
The story featured a photograph of Ronaldinho with Water Coin’s mascot peeking over his shoulder and a tag of the token’s Instagram account.
Following this endorsement, WATER’s worth spiked 50% to $0.0012. Nonetheless, the token’s value quickly fell under $0.0008, 71.6% decrease than its all-time excessive.
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The WATER venture claims to concentrate on elevating consciousness for water-related environmental points, comparable to stopping deforestation. Its roadmap contains presale, decentralized and centralized alternate itemizing, non-fungible token (NFT) assortment launch, celeb partnerships, and, finally, turning into a foreign money devoted to charitable efforts.
Regardless of its bold targets, WATER has confronted criticism throughout the crypto neighborhood, with folks flagging it as a potential pump-and-dump scheme.
Including to the considerations over the token’s legitimacy, blockchain knowledge service Bubblemaps reported that insiders maintain 30% of WATER.
This isn’t the primary time that Ronaldinho has been concerned in questionable crypto tasks. In August, he needed to testify earlier than a Brazilian congressional committee over an alleged $61 million crypto pyramid scheme often known as “18K Ronaldinho,” which used the soccer star’s picture in its advertising.
Ronaldinho denied any affiliation with the venture, claiming he was additionally a sufferer, because the scammers used his picture with out permission. He mentioned:
It isn’t true I’m the founder and controlling companion of 18K Ronaldinho.
The WATER promotions come at a time when celebrities are more and more getting concerned with crypto. Pop artist Jason Derulo, rappers Iggy Azalea and Waka Flocka Flame, and former Olympian Caitlyn Jenner have all not too long ago launched their tokens.
There has additionally not too long ago been a surge in hacks of celeb social media accounts to advertise crypto, with rapper Doja Cat and actress Sydney Sweeney among the many victims.
Whereas celeb endorsements can briefly enhance the visibility and worth of cryptocurrencies, potential traders ought to train due diligence to keep away from falling sufferer to speculative schemes.
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 Battle II period.
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