Ronaldinho and Messi Boost Water Coin Craze with Instagram Endorsements

• Ronaldinho and Messi’s endorsements spiked Water Coin’s value, but it’s since declined, typical of volatile memes.
• Water Coin claims to support African water initiatives, but doubts persist about its legitimacy.
• Celebrity endorsements of crypto face regulatory scrutiny, underscoring risks for investors

Ronaldinho Gaúcho and Lionel Messi, two famous soccer stars, sparked a lot of interest in the Solana-based token Water Coin (WATER) by endorsing it on social media. Their posts on Instagram caused WATER’s value to rise sharply right after.

On July 9, Ronaldinho shared an Instagram story with his 76.6 million followers, featuring himself alongside Water Coin’s mascot. This followed a similar endorsement by Messi the previous day, which also resulted in a notable spike in WATER’s market value.

Currently, WATER is priced at $0.000892, with a trading volume of $7,416,499 on the last day. Although it initially went up after the endorsements, WATER has since gone down, showing how volatile meme-based crypto assets can be.

Water Coin presents itself as more than just a financial instrument, claiming to support sustainable water initiatives in Africa. However, this has not quelled concerns about its legitimacy and the potential for market manipulation.

Leading figures in the cryptocurrency community, like Ajay Kashyap, a popular crypto analyst on YouTube, have doubted Water Coin’s authenticity. Kashyap called it a potential pump-and-dump scheme. Other industry experts agree, advising investors to be cautious.

The promotion of crypto tokens by celebrities is not new, Ronaldinho’s recent endorsement follows his involvement in a crypto pyramid scheme controversy where his likeness was misused. The scheme, called “18kRonaldinho,” promised unrealistic returns and led to legal issues and denials from Ronaldinho regarding any association with the project.

The promotion of cryptocurrencies by celebrities has attracted more scrutiny from regulators like the SEC. High-profile figures like Caitlyn Jenner and UFC fighter Khazmat Chimaev have also been under regulatory watch for endorsing various crypto tokens.

The ethical and regulatory issues with celebrity-endorsed cryptocurrencies remain controversial. The unpredictable nature of meme-based tokens like Water Coin highlights the importance of careful research for investors.