On
Monday,
professional
football
player
Lionel
Messi
promoted
a
Solana-based
memecoin
to
his
504
million
Instagram
followers.
The
Argentine
player
shared
a
link
to
Watercoin
(WATER),
propelling
the
token
by
350%.
The
crypto
community
has
expressed
concern
about
Messi’s
endorsement
of
the
project.

Related
Reading

Global
Football
Stars
Promote
WATER

Lionel
Messi,
one
of
the
best
players
in
football
history,
promoted
a
Solana

project
named
Watercoin.
The
football
player’s
Instagram
account
shared
an
image
of
Messi
with
the
project’s
logo
and
a
link
to
its
Instagram
page.

 

Following
the
post,
the
memecoin
surged
over
350%,
going
from
$0.00032
to
$0.0015
in
a
few
hours.
WATER’s
market
capitalization
rose
by
325%,
surpassing
the
$100
million
mark.

Quickly,
users
expressed
their
concerns
and
doubts
about
the
posts.
Many
speculated
that
Messi
was
a
new
victim
of
hackers
who
have
restlessly

targeted
public
figures’
social
media
accounts
in
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
post
was
authorized.
Additionally,
several
uses
pointed
out
the
football
player’s
previous
endorsement
of
crypto
projects.

In
February,
the
Inter
Miami
player

announced
his
partnership
with
the
Real-World
Assets
(RWA)
tokenization
platform.
At
the
time,
the
platform’s
token
PLANET
saw
high
volatility
after
soaring
by
1,500%.

 

Moreover,
the
legitimacy
of
Messi’s
promotion
seems
to
be
confirmed
on
Tuesday
morning.
Earlier
today,
retired
Brazilian
sensation
Ronaldinho
promoted
WATER
on
his
Instagram
account.
The
post
has
the
same
format
as
his
former
teammate’s
story,
with
a
picture
of
the
football
player
and
WATER’s
logo.

Is
WATER
Another
Solana-Based
Scam?

Regardless
of
the
posts’
legitimacy,
the
crypto
community
remains
concerned
about
the
project.
Many
users
pointed
out
that
the
team
behind
Watercoin
is
the
same
team
responsible
for
another
Solana-based
memecoin,
Beercoin
(BEER).

As
reported
by
NewsBTC,
BEER

crashed
down
last
month
after
whales
started
selling
large
sums
of
the
token.
Seemingly,
team-related
wallets
started
cashing
out,
which
plummeted
the
price
and
fueled
deep
concerns
about
the
project.
Since
then,
BEER
has
seen
a
95%
price
decline.

Like
Beercoin,
WATER
is
surrounded
by
insider
trading
concerns.
Crypto
analytics
firm
Bubblemaps
urged
users
to
remain
vigilant
of
the
Solana
token.
Per
the
post,
insiders
control
30%
of

 

WATER’s
total
supply.

It
is
worth
noting
that
WATER
raised
over
$40
million
in
presale
and
reached
a
$1
billion
market
cap
after
launching
last
month.
However,
the
token
seemingly

experienced
“significant
insider
activity,”
which
plummeted
the
token’s
valuation
by
97%.

Related
Reading

Despite
this,
some
market
watchers
believe
WATER
is
“starting
to
look
solid”
based
on
its
current
trading
activity.
VikingXBT

suggested
that
the
token
could
double
its
price
if
it
successfully
flips
the
$0.0011
resistance
level.

At
the
time
of
writing,
WATER
trades
at
$0.00095,
a
198%
increase
in
the
last
24
hours.

Featured
Image
from
Unsplash.com,
Chart
from
TradingView.com

Go to Source
Author: Rubmar Garcia

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