Soccer legend Lionel Messi recently made waves in the cryptocurrency world by promoting a meme coin called WATER on his Instagram story. This unexpected endorsement led to a significant surge in the token’s price, catching the attention of both fans and investors alike.
Messi’s Instagram post featured an image of the token’s mascot, a cartoon glass of water, perched on his shoulder, along with a link to the project’s Instagram page. Following this post, the price of WATER experienced a remarkable 350% increase, going from $0.00032 to $0.00146 in just two hours.
Despite the initial surge, the price of WATER eventually pulled back and currently hovers around $0.001, reflecting a 215.6% increase in the last 24 hours. The token now boasts a market cap of approximately $94 million and a 24-hour trading volume of nearly $40 million, according to data from CoinMarketCap.
The WATER project’s website states that the token aims to make a positive impact in the real world through charity initiatives, although specific details on how this will be achieved remain unclear. Notably, WATER is available for trading on platforms like Bitget, which is likely why Messi chose to endorse the project, given his existing partnership with Bitget since October 2022.
While Messi’s promotion of WATER initially generated excitement within the crypto community, some observers expressed skepticism regarding the project’s long-term prospects. Analysts pointed out the risks associated with celebrity endorsements of meme coins, citing previous instances where similar tokens turned out to be scams.
Following Messi’s endorsement, former Brazilian soccer superstar Ronaldinho also appeared to promote the WATER project on Instagram, resulting in a minor increase in the token’s price. However, like Messi, Ronaldinho has not provided any further comments or clarifications about his involvement with the project.
As the intersection between sports and cryptocurrency continues to evolve, the impact of celebrity endorsements on the crypto market remains a topic of debate. Investors are advised to exercise caution and conduct thorough research before engaging with meme coins or other speculative assets endorsed by public figures.