Lionel Messi, one of the most prominent football players in history, recently endorsed a Solana-based project called Watercoin on his Instagram account. This led to a significant surge in the price of the memecoin by over 350%, reaching $0.0015 from $0.00032 in just a few hours. The market capitalization of Watercoin also rose by 325%, surpassing $100 million.
Following Messi’s endorsement, concerns were raised within the crypto community about the project’s legitimacy. Some users speculated that Messi’s account may have been hacked, as it has been a common occurrence for hackers to target public figures on social media. However, as of now, there has been no confirmation of a hack, and the post remains on Messi’s Instagram story.
Interestingly, this is not the first time Messi has endorsed a crypto project. Back in February, he announced a partnership with the Real-World Assets (RWA) tokenization platform, which saw significant volatility in its token price. Similarly, retired Brazilian football sensation Ronaldinho also promoted Watercoin on his Instagram account, adding further legitimacy to the project.
Despite the endorsements from Messi and Ronaldinho, concerns remain about Watercoin. The team behind Watercoin is the same team responsible for another Solana-based memecoin called Beercoin, which experienced a significant price crash last month due to insider trading concerns. Bubblemaps, a crypto analytics firm, warned users to be cautious of Watercoin as insiders control 30% of the total supply.
Although Watercoin raised over $40 million in its presale and achieved a $1 billion market cap after its launch, the token has seen a significant decline in value due to insider activity, dropping by 97%. However, some market watchers believe that Watercoin may have the potential to double its price if it successfully breaks the $0.0011 resistance level.
At the time of writing, Watercoin is trading at $0.00095, showing a 198% increase in the last 24 hours. Despite the concerns surrounding the project, some believe that Watercoin could still have a promising future if it can address the insider trading issues and gain more community trust.
In conclusion, while the endorsements from football stars like Messi and Ronaldinho have brought attention to Watercoin, investors are advised to conduct their own research and exercise caution before investing in the project. The crypto market is known for its volatility and risks, so it is essential to stay informed and make informed decisions when entering the space.