Soccer legend Lionel Messi has entered the world of crypto, promoting WATER Coin (WATER), a Solana-based memecoin, on his Instagram Stories.
The WATER project aims to tackle water-related environmental issues. Its roadmap includes four stages: presale and decentralized exchange listing, centralized exchange listing and non-fungible token (NFT) collection release, celebrity partnerships, and, ultimately, becoming an ecological currency dedicated to charitable efforts.
Despite its ambitious goals, the project lacks detailed plans on how these objectives will be achieved. Moreover, the token's price has shown typical "pump and dump" behavior, surging nearly 400% within two hours before dropping by 50%.
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A significant risk lies in the token's supply concentration. According to blockchain data service Bubblemaps, 30% of WATER is held by insiders, prompting warnings for investors to be cautious.
Despite these concerns, Messi's endorsement has attracted many investors to WATER. The token's 24-hour trading volume has reached nearly $136 million, and its market cap has surpassed $80 million.
This scenario mirrors recent incidents where hackers hijack celebrity social media accounts to promote crypto, as seen with actress Sydney Sweeney, rapper 50 Cent, and wrestler Hulk Hogan. However, Messi's endorsement appears genuine, as the post remains on his Instagram without any claims of hacking.
While the WATER project aims to make a positive environmental impact, it remains to be seen if it will deliver on its promises or fade away as another fleeting crypto trend.
