Memecoins
Ronaldinho Promotes Solana-Based Meme on Instagram
Key points to remember
- Ronaldinho’s endorsement on Instagram temporarily increased the value of Water Coin.
- Skepticism surrounds the legitimacy of Water Coin due to the potential risks of pump and dump.
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Legendary footballer Ronaldinho Gaúcho recently posted an Instagram story promoting the Solana-based Water Coin (WATER) token to his 76.6 million followers. The move comes after a similar post from Lionel Messi sent WATER’s value soaring by nearly 400% on Monday.
Ronaldinho and Messi’s stories included their images and the Water Coin mascot. They also included the project’s Instagram account.
Following Ronaldinho’s post, the price of Water Coin increased by 38.8% to $0.0012 within an hour, although it later fell below its all-time high price, according to CoinGecko. data watch. Despite the decline, WATER’s value has increased by more than 150% since Messi’s death recent promotion.
Water Coin aims to support sustainable water management projects and has outlined plans for more celebrity partnerships. Its credibility, however, remains questionable. Several figures including YouTuber Ajay Kashyap and crypto commentator Ponga have expressed concerns about its potential as a pump-and-dump scheme.
Water Coin was not the first time Ronaldinho has been involved in promoting cryptocurrencies. He has reportedly promoted several projects, including meme currencies like Baby Doge and World Cup Inu, which have been accused of being pump-and-dump schemes.
The football legend was also associated with the “18kRonaldinho” project in 2022. The project was allegedly a $61 million pyramid scheme promising unrealistic daily returns.
Faced with controversy and accusations of questionable practices, Ronaldinho has however denied any wrongdoing. He claimed that he was also the victim of unauthorized use of his image.
Last month, Ronaldinho took to X to express his enthusiasm for the widespread adoption of crypto.
His post was criticized by the channel’s “detective,” ZachXBT. ZachXBT suggested that the soccer star’s latest pro-crypto comments could be motivated by financial concerns rather than genuine interest.
Ronaldinho’s tweet was deleted by the time the report was published.
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