Soccer legend Ronaldinho Gaúcho recently took to Instagram to promote Water Coin, a Solana-based meme token, to his 76.6 million followers. The post, which featured a photo of Ronaldinho with the Water Coin mascot, caused the price of the token to surge by nearly 40% to $0.0012. However, the price has since stabilized at around $0.00088.
This promotion comes shortly after fellow football star Lionel Messi also endorsed Water Coin on his Instagram Stories. Messi, who is partnered with the exchange Bitget, showed a similar picture with the meme coin’s mascot in his post.
Despite the support from these high-profile athletes, Water Coin has faced criticism from some in the crypto community. Analyst @ericonomics called out Messi for promoting what he referred to as the “third token scam,” warning followers not to invest in Water Coin.
This is not the first time Ronaldinho has been linked to a controversial crypto project. Last year, he was questioned by a Brazilian parliamentary committee regarding his alleged involvement in a $61 million crypto pyramid scheme that used his image without permission.
While Water Coin claims to focus on water-related issues and sustainable projects, critics question how the token will achieve its charitable goals. As the debate continues, the influence of celebrities like Ronaldinho and Messi in the crypto space raises important questions about the intersection of sports, social media, and digital assets.