NAIROBI (CoinChapter.com)— Ronaldinho Gaúcho, the Brazilian soccer legend, joined Lionel Messi in selling Solana’s Water Coin (WATER), inflicting a spike in its worth. Ronaldinho’s Instagram story on July 9, that includes Water Coin’s mascot, was shared together with his 76.6 million followers.
The put up got here a day after Messi’s related endorsement on his Instagram Tales, drawing important consideration to the token.
Impression of Excessive-Profile Endorsements on Water Coin
Water Coin skilled a dramatic price surge of 38.8% to $0.0012 inside an hour following Ronaldinho’s current Instagram put up. Nevertheless, the token’s price shortly fell under its pre-pump degree, settling at $0.00083, based on CoinGecko information.
The token settled down round $0.0008232, down 8.2% over the previous 24 hours, and stays 71% under its all-time excessive on June 26.
Water Coin claims to deal with elevating consciousness for water-related points, together with sustainable initiatives and water distribution in Africa. Its roadmap emphasizes forming movie star partnerships to transition right into a charity-focused environmental token.
Ronaldinho joined the Water Coin promotion after showing earlier than a Brazilian parliamentary committee in August. The committee investigated his alleged involvement in a $61 million crypto pyramid scheme, “18kRonaldinho.”
The scheme promised 2% day by day returns and used Ronaldinho’s likeness with out his permission. Ronaldinho denied any involvement, asserting that he was additionally a sufferer as a result of the challenge exploited his picture with out his consent.
Analysts Warn Customers To Be Cautious
Regardless of the optimistic endorsements, trade critics have flagged Water Coin as a possible pump-and-dump scheme. YouTuber Ajay Kashyap flagged WATER as a possible pump-and-dump scheme, elevating issues in regards to the token’s true intentions.
Kashyap highlighted the Basis’s determination to distribute solely 5% of the 88.88 billion WATER tokens to itself as a purple flag. Crypto commentator Ponga echoed this sentiment, warning his followers to “stay cautious” and questioned the challenge’s legitimacy.
Cryptophile on X additionally criticized Messi’s promotion of WATER, noting that his earlier endorsement of the token PLANET in March 2024 resulted in a 90% price drop. This criticism provides to issues in regards to the legitimacy of celebrity-endorsed tokens.
The rise of celebrity-endorsed tokens isn’t new. UFC fighter Khazmat Chimaev confronted backlash after selling a token utilizing his identify, solely to disassociate from it later.
Such incidents spotlight the potential pitfalls of movie star involvement within the crypto area. Whereas endorsements can result in short-term spikes, additionally they danger manipulation and investor loss.