- Two soccer stars have joined the Solana Memecoin support frenzy.
- Argentine footballer Messi recently endorsed Solana-based Watercoin.
- The celebrity meme coin cycle has been criticized within the industry.
The celebrity memecoin trend is picking up speed once again after a brief lull. This time, it has spread from the ordinary social media influencers to the world of football, with one of the biggest football stars, Lionel Messi, endorsing the Solana-based memecoin Watercoin (WATER).
But the addition of an Inter Miami player to the cycle has raised eyebrows across the community, sparking new speculation and concerns.
Solana Memecoin Water, Messi’s Boost
An interesting post on Lionel Messi’s official Instagram account on Tuesday is the latest in a series of events that has set off a frenzy across the cryptocurrency community, with the footballer reportedly promoting the ‘Water of Solana’ project via his Stories to his 500 million+ followers.
Launched just over a month ago, the Water coin is described as follows: “Solana’s next big thing, Dogecoin, aims to have a positive impact in the real world.” The post contained a simple photo of Messi carrying the token mascot on his shoulder, but it quickly gained traction across the crypto community, leading to a 350% increase in interest in the ‘charity’ token.
However, things got more interesting when another football player, Ronaldinho Gaucho, posted a similar post on his official Instagram account on July 9, 2024. The former Brazilian footballer posted a nearly identical post on his account, which has nearly 77 million followers. Ronaldinho’s post caused a 38.8% surge in the token, which hit a trading price of $0.0012 before crashing to its current value of $0.00088.
The promotional posts by Messi and Ronaldinho were later reposted on Solana Water’s official Instagram account, which grew its follower count to 223,000. However, neither post received a warm welcome from the community.
Several individuals have taken to the Water.Solana official Instagram account to criticize the dubious promotion of soccer stars. Many have claimed that the token is part of a “pyramid scam” and have urged investors not to participate in the project.
Social media platform X has been seething with similar reactions. X user Emperor Osmo echoed the broader sentiment of surprise, questioning why Messi, one of the highest-paid athletes in the world, would be associated with a controversial cryptocurrency project.
There have also been concerns raised about the distribution of the Water tokens, with reports suggesting that 30% of the total supply is controlled by insiders. However, there has been no further comment on Messi or Ronaldinho’s Water tokens, and it is not yet known whether the footballers will continue their promotion.
On the other side
- Solana memecoin’s legal disclaimer states: “WATER is a mimecoin with no intrinsic value or expectation of financial return. WATER is completely useless and is intended for entertainment purposes only.”
- The following social figures: Azalea Lee and Caitlyn Jenner Recently, it has faced controversy for launching and promoting memecoins.
Why this matters
Messi and Ronaldo’s promotion of the Solana-based water coin follows a familiar pattern where developers hire influential figures to promote the fleeting success of their projects. This raises concerns that history may repeat itself and investors could lose their money.
Read more from Ethereum co-founder Vitalik on the celebrity Dogecoin trend:
Vitalik Buterin ‘Dissatisfied’ With Celebrity Mimecoin Cycle
Rapper Doja Cat is the latest to get caught up in the Dogecoin craze. Read more about it in this article.
Doja Cat Howls After $1.6 Million Memecoin Crash