TLDR
- Soccer legends Ronaldinho and Lionel Messi have promoted Water Coin (WATER), a Solana-based memecoin, on Instagram
- WATER’s price spiked 38.8% after Ronaldinho’s post but has since dropped below its pre-pump price
- Water Coin claims to focus on water-related issues and sustainable projects
- Critics have flagged WATER as a potential pump-and-dump scheme
- Ronaldinho was previously associated with an alleged $61 million crypto pyramid scheme
Ronaldinho Gaúcho and Lionel Messi have thrown their star power behind Water Coin (WATER), a Solana-based memecoin, sparking both excitement and concern in the cryptocurrency community.
The promotions, shared on Instagram to their combined following of over 580 million, have led to significant price volatility and raised questions about celebrity endorsements in the crypto space.
Ronaldinho, the Brazilian soccer icon, shared an Instagram story on July 9 featuring a photo of himself with Water Coin’s mascot, tagging the token’s official account.
This post came just a day after Lionel Messi, widely regarded as one of the greatest soccer players of all time, shared a similar promotion to his 504 million followers.
The impact of these high-profile endorsements was immediate and dramatic. Following Ronaldinho’s post, WATER’s price surged 38.8% to $0.0012 within an hour.
However, the excitement was short-lived, as the price quickly retreated below its pre-pump level. As of the latest data from CoinGecko, WATER is trading at $0.00083, down 71% from its all-time high set on June 26.
Water Coin bills itself as a project focused on raising awareness for water-related issues. According to its website, the token aims to support sustainable projects that prevent deforestation and help water distribution in Africa. The project’s roadmap outlines plans to form celebrity partnerships before evolving into a charity-focused environmental token.
However, despite these noble-sounding goals, Water Coin has faced significant skepticism from industry experts and observers. Several critics, including YouTuber Ajay Kashyap and crypto commentator Ponga, have flagged WATER as a potential pump-and-dump scheme.
Concerns have been raised about the token’s distribution, with crypto analytics firm Bubblemaps warning that insiders control 30% of WATER’s total supply.
The involvement of Ronaldinho and Messi in promoting Water Coin has also reignited discussions about the role of celebrities in cryptocurrency promotion.
This is not the first time Ronaldinho has been associated with controversial crypto projects. In August, he appeared before a Brazilian parliamentary committee inquiry over an alleged $61 million crypto pyramid scheme that used his likeness without permission. The scheme, called “18kRonaldinho,” promised unrealistic daily returns to investors.
Messi, too, has previously been involved in crypto promotions. In February, he announced a partnership with a Real-World Assets (RWA) tokenization platform, which led to significant price volatility for the platform’s token.
The promotion of Water Coin by these soccer stars comes at a time when regulators worldwide are increasingly scrutinizing celebrity endorsements of cryptocurrencies.
In the United States, the Securities and Exchange Commission (SEC) has warned that such endorsements may be unlawful if the tokens being promoted are considered securities.
Adding to the controversy, some users have pointed out similarities between Water Coin and another Solana-based memecoin, Beercoin (BEER), which experienced a significant crash last month amid allegations of insider selling. Both projects are reportedly created by the same team, raising further red flags for potential investors.
