Memecoins
Controversial Coin Explodes 150% Following Interaction With Football Legend Lionel Messi: Details
TL;DR
- A meme has seen a 150% spike in a day after Lionel Messi promoted it on Instagram. However, concerns have arisen that his account may have been hacked.
- Cryptocurrencies are volatile and may be linked to “pump and dump” schemes. Investors are advised to exercise due diligence and caution.
Support or hack?
The meme coin sector has rebounded significantly over the past 24 hours as many assets, such as Bonk Inu (BONK) and Pepe (PEPE), have seen double-digit price gains. Some lesser-known tokens have seen even more impressive gains, with WATER Coin (WATER) being a clear example.
Water Price, source: CoinGecko
Its price has increased by 150% every day following an interaction with football icon Lionel Messi. The Argentine promoted the token via a story aimed at his more than 500 million followers on Instagram.
Messi’s story on Instagram, source: Instagram
Several industry participants on X noted the effort, with some supposing Some say hackers took over Messi’s account to lure his fans into the meme currency ecosystem. Others believe the most decorated player in Ballon d’Or history may not be aware of the hack because he’s preparing for the Copa America semi-final against Canada on July 10.
Blockchain data platform Bubblemaps also contributed, warning that 30% of the water supply is controlled by insiders.
For its part, the security platform designed to improve the security of users’ online identities through blockchain – Webacy – said people should do their own research before jumping on the bandwagon, even if they see an endorsement from a prominent figure like Messi.
Another controversial meme
Meme cryptocurrencies have been the rock stars of the last bull cycle, with some reaching all-time highs in price. However, many of them are trend-based, highly volatile, and appear to be linked to certain “pump and dump” patterns.
DADDY – a token launched by online influencer Andrew Tate – saw an impressive surge in mid-June and early July following the popular personality’s interaction. More recently, it claims prepare a “grand plan,” urging holders to accumulate as many assets as possible over a 72-hour period:
“We’re going to build a place based on honor, hard work and diligence rather than just being first, getting lucky and getting the rug pulled out from under you. I’ve been working on this for a very long time, and this is your 72-hour warning.”
DADDY’s price spiked to $0.23 after the announcement before dropping to its current level of around $0.15 (according to data from CoinGecko).
Additionally, Bubblemaps maintained that insiders bought 30% of the supply at launch. The entity further stated that Tate received 40% of all DADDY tokens, which are currently worth over $37 million.
Given these dangers, people should enter the ecosystem after doing their due diligence and invest only what they are willing to lose. For more important tips, please check out our dedicated video below: