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Solana Token Soars 350% After Messi and Ronaldinho’s Promotion
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Football Takeover? Solana-Based Token Skyrockets 350% Following Messi and Ronaldinho’s Promotion

Rubmar Garcia
Rubmar Garcia
10 months ago
3 mins read

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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.

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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.

Solana
Messi and Ronaldinho’s promotional posts. Source: Instagram

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%.

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10 months ago

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.

Solana, WATER, WATERUSDT
WATER’s performance in the weekly chart. Source: WATERUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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