- Ronaldinho’s recent Instagram post led to a brief 40% surge in the price of Water Coin
- Despite the initial spike, Water Coin’s value fell below its pre-surge price
- Water Coin raises awareness about water issues and supports sustainable projects
Water Coin saw a 40% surge in value in just an hour after Ronaldinho mentioned it on Instagram. However, before the sudden spike, it fell below its price point.
Soccer legend Ronaldinho Gaúcho is the latest to promote the Solana Water Coin token (WATER) on Instagram. Two days ago, he followed a similar post on Lionel Messi’s X account.
On July 9, he posted an Instagram story to his 76.6 million followers, including a photo of him with the Water Coin mascot peeking over his shoulder. This tagged the token’s Instagram account.
WATER saw a 38.8% surge to 0.0012$ an hour after Ronaldinho’s release, but has since fallen below 0.00083$, according to CoinGecko data. Its price is now 71% below its all-time high of June 26.
Since Messi’s Instagram post on June 8, which shared an image similar to Ronaldinho’s post, the price of water has risen by 158%.
Water Coin’s Objectives and Concerns of a Pump-and-Dump Scheme
As indicated on its website, Water Coin’s primary objective is to enhance awareness of water-related concerns, including promoting sustainable initiatives that combat deforestation and facilitate water distribution in Africa.
Water Coin’s roadmap shows how it plans to team up with celebrities before becoming a charity-focused environmental token to achieve its goal.
While the WATER Foundation reportedly only kept 5% of the 88.88 billion WATER tokens for themselves, Several figures like YouTuber Ajay Kashyap and crypto commentator Ponga, have raised concerns about its potential as a pump-and-dump scheme.
Ronaldinho’s Past Involvement in Alleged Crypto Schemes
In August, Ronaldinho appeared before a Brazilian parliamentary commission in connection with an alleged cryptocurrency pyramid scheme that used his image and is said to have involved 61 million US dollars.
The “18kRonaldinho” scheme promised investors a 2% daily return and used images of the retired soccer star in its marketing.
Ronaldinho said he wasn’t involved in the scheme, he’d never been associated with the project, and he was also a victim because they used his image without his permission.
Other Celebrity Endorsements and Controversies in Crypto
UFC fighter Khazmat Chimaev recently posted a video to his Instagram promoting a cryptocurrency token bearing his name—Khazmat Chimaev (SMASH)—but then claimed he had no involvement with the memecoin.
ZachXBT, a cryptocurrency detective, says the distribution of the SMASH token had characteristics of a pump-and-dump scheme, with the SMASH team allegedly owning 78% of its supply.
Before investing in cryptocurrencies endorsed by celebrities, do your homework. Celebrity involvement doesn’t necessarily mean a cryptocurrency project is legit or stable.
