Following football legend Messi, former Brazilian player Ronaldinho also posted a promotion for memecoin WATER on his personal Instagram Stories.

Following Messi, Ronaldinho posts memecoin “shill” WATER

WaterCoin (WATER), a memecoin project focused on raising awareness about water-related issues within the Solana (SOL) ecosystem,  appears to be getting backing from prominent soccer figures.

According to the latest information on the evening of July 9, 2024, the Instagram account of famous former Brazilian football player Ronaldo de Assis Moreira (commonly known as Ronaldinho), has beenpost storyadvertising for memecoin WATER.

This move came less than 24 hours after the Argentine football legend’s Instagram account was hacked.Lionel Messi posted a similar adthe day before.

Screenshot of former football star Ronaldinho’s story from Instagram at 09:50 PM on July 9, 2024

So far, details surrounding WaterCoin remain “modest” and it is also unclear what the project’s future plans are. According to the introduction from the website attached to the accountX (Old Twitter)of the WaterCoin project, the WATER token was “created in collaboration with the minds behind” the BEER memecoin and is intended for charitable purposes. 

The website also claims that the founders hope WaterCoin will solve deforestation and water shortages in Africa.

“Unlike many memecoins that lack global value, WATER stands out for its clear purpose. Our token exists to ensure fair distribution of wealth among its holders while supporting charitable causes. With WATER, you can contribute to helping others without personal loss.

For transparency purposes, we will have a separate, publicly available wallet address to use for charitable donations and any campaigns aimed at achieving a noble cause.”

But it is worth noting that the details of how the project will implement its charitable activities and how it will address the current situation in Africa are completely vague! Therefore, the majority of the investor community on X believes that the price of the WATER token shows signs of “inflation”, or “pump and dump”.

Mysterious “shill” posts from two accounts with huge followings (Messi 500 million followers – Ronaldinho 77 million followers) have made the WATER token quickly “spark” and increase by more than 200% in the last 24 hours.

WaterCoin (WATER) 24h price chart on the evening of July 9, 2024 on CoinGecko.

Launching memecoins has become increasingly easier in recent weeks, thanks in part topump.fun, a platform that allows any user to easily create new tokens of their choice with just a few clicks on Solana.

Thanks to pump.fun, memecoins that follow or “rely on” celebrities also exploded strongly on Solana, leading to many unpredictable consequences for investors’ assets.

Celebrity memecoin “shills” have been a hot topic over the past few months, with some arguing that “no rug pull also return to the ground“. Today’s incident recalls the former wrestling starHulk Hogan, rapper 50 Cent, actress Sydney Bernice Sweeney, bandMetallicaor most recently an American female singer and rapperDoja Catposted a memecoin promotion, only to find out their social media accounts were hacked, leading to them shillin’ unknown cryptocurrencies.

Celebrity endorsements can also only provide temporary benefits, investors should not make decisions based solely on media influence, and should do thorough research before putting money into highly speculative assets like WATER.

Notably, this is not the first time Ronaldinho has dabbled in the cryptocurrency market. In 2022, just before the World Cup,The Brazilian legend also promoted a memecoin.on Ethereum called World Cup Inu (WCI). But “after all”, Ronaldinho denied the incident on the grounds of his name being exploited.