On Monday, skilled soccer participant Lionel Messi promoted a Solana-based memecoin to his 504 million Instagram followers. An Argentinian participant shared a hyperlink to WATER, pushing the token up by 350%. The crypto neighborhood has expressed issues about Messi’s endorsement of the plan.
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International soccer star promotional water
Lionel Messi, among the finest gamers in soccer historical past, promoted the Solana venture known as Watercoin. The footballer’s Instagram account shared an image of Messi with the venture’s brand and a hyperlink to his Instagram web page.
Following the publish, memecoin surged greater than 350%, rising from $0.00032 to $0.0015 in a matter of hours. WATER’s market worth elevated by 325% and exceeded the $100 million mark.
Quickly, customers expressed their issues and questions in regards to the posts. Many have speculated that Messi is the brand new sufferer of hackers who’ve been concentrating on the social media accounts of public figures on this cycle.
Nonetheless, as of this writing, Messi’s Instagram Story has not been deleted, and no official reviews of the hack have been made public, indicating that the publish was approved. Moreover, some makes use of pointed to the soccer participant’s earlier endorsement of crypto initiatives.
In February, the Inter Miami participant introduced a partnership with Actual-World Belongings (RWA) tokenization platform. At the moment, the platform’s token, PLANET, skilled vital fluctuations after hovering by 1,500%.
And the legitimacy of Messi’s promotion seemed to be confirmed on Tuesday morning. Earlier in the present day, retired Brazilian star Ronaldinho promoted WATER on his Instagram account. The publish was formatted in the identical format as his former teammates’ tales, full with pictures of the soccer gamers and the WATER brand.
Is WATER one other Solana-based rip-off?
Whatever the legitimacy of those posts, the cryptocurrency neighborhood stays involved in regards to the venture. Many customers identified that the staff behind Watercoin is similar staff chargeable for one other Solana-based meme coin, Beercoin (BEER).
In response to NewsBTC, BEER plummeted final month after whales started promoting massive quantities of tokens. It seems that wallets related to the staff began cashing out, inflicting the value to plummet and elevating severe issues in regards to the venture. Since then, beer costs have dropped by 95%.
Like Beercoin, WATER additionally suffers from insider buying and selling points. Crypto analytics agency Bubblemaps urges customers to be cautious of the Solana token. In response to the publish, insiders management 30% of the overall WATER provide.
It’s price noting that after WATER was launched final month, it raised greater than $40 million in pre-sales and reached a market worth of $1 billion. Nonetheless, the token seems to have skilled “vital insider exercise,” inflicting the token’s valuation to plummet by 97%.
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Nonetheless, some market observers consider WATER is “beginning to look secure” based mostly on present buying and selling exercise. VikingXBT stated that if the coin manages to interrupt above the $0.0011 resistance, its worth might double.
On the time of writing, WATER is buying and selling at $0.00095, up 198% previously 24 hours.
Featured picture from Unsplash.com, chart from TradingView.com
