Ronaldinho joins Messi in selling water-themed Solana memecoin

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Ronaldinho Gaúcho is the most recent soccer legend to advertise the Solana token Water Coin (WATER) on Instagram following the same put up from Lionel Messi’s X account yesterday.

A July 9 Instagram story to his 76.6 million followers confirmed a photograph of him with Water Coin’s mascot peeping over his shoulder, which tagged the token’s Instagram account.

Supply: Instagram

WATER rallied 38.8% to $0.0012 one hour after Ronaldinho’s put up however has since dropped under $0.00083, CoinGecko information exhibits. Its value is now down 71% from its June 26 all-time excessive.

WATER’s value over the past month. Supply: CoinGecko

WATER’s value is up 158% from Messi’s Instagram put up on June 8, which shared the same image to Ronaldinho’s put up.

Water Coin is supposedly targeted on elevating consciousness for water-related points, together with supporting sustainable tasks that stop deforestation and assist water distribution in Africa, in accordance to its web site.

Water Coin’s roadmap outlines its plans to kind movie star partnerships earlier than changing into a charity-focused environmental token to realize its aim.

Whereas the WATER Basis supposedly solely distributed 5% of the 88.88 billion WATER tokens to themselves, YouTuber Ajay Kashyap was among the many trade critics that flagged WATER as a possible pump-and-dump token.

“Is that this actual or one other pump and dump shit,” added crypto commentator Ponga. “Keep cautious boys.”

Ronaldinho, a Brazilian nationwide, appeared earlier than a Brazillian parliamentary committee inquiry in August over an alleged $61 million crypto pyramid scheme that used his likeness.

The scheme, “18kRonaldinho,” promised 2% day by day returns to buyers and used photos of the retired soccer star in its advertising.

Ronaldinho denied any involvement within the scheme, saying he by no means partnered with the undertaking and argued he was additionally a sufferer because it used his likeness with out his permission.

Associated: Superstar crypto tokens will ‘completely’ catch SEC’s eye — Attorneys

It comes as a number of high-profile figures have launched and promoted crypto tokens, together with former Olympian Caitlyn Jenner.

UFC fighter Khazmat Chimaev not too long ago uploaded a video to his Instagram selling a crypto token utilizing his title — Khazmat Chimaev (SMASH) — however later claimed he didn’t have any involvement with the memecoin.

In response to crypto sleuth ZachXBT, the SMASH token distribution had traits of a pump-and-dump scheme, with the SMASH crew allegedly proudly owning 78% of its provide.

Journal: 1 in 6 new Base memecoins are scams, 91% have vulnerabilities