The Solana-based meme coin ‘Water’ surged by up to 360% on Monday after football star Lionel Messi posted a picture promoting the token on his Instagram account. The price of ‘Water’ jumped from $0.00031 to $0.00147 after the post but has since lost most of those gains.
Messi’s post, shared with his 504 million Instagram followers, featured a picture of him with the Water token logo but didn’t provide any details. The founders of Water announced on their official Telegram page that Messi “has become the first celebrity to publicly support” the meme coin, a partnership they had been hinting at recently.
Water Memecoin Aims to Make a Positive Impact
According to the project website, the Water memecoin “aims to have a net-positive impact on the real world with the help of charity.” The team behind Water claims to have donated $200,000 worth of Bitcoin (BTC) to help 4,000 people in Uganda and Ethiopia gain access to clean water. Additionally, they reported donating $240,000 worth of Water tokens to various charities.
The first time ever Messi is promoting a Memecoin via Instagram $WATER , IS THAT MESSIS MEMECOIN?! pic.twitter.com/h0SxKTCrqq
— WALL STREET BINANCE (@Wallstreet_bnb) July 8, 2024
Source: X
Launched in late June by the creators of Beer, another Solana meme coin that once reached a $1 billion market cap, Water’s presale was highly successful, with the token hitting a $500 million market cap. However, it has struggled to maintain its value since then.
Volatility in Meme Coins: From Messi’s Boost to Hogan’s Crash
The price of Water has plummeted by more than 70% since reaching a high of around $0.00264 on June 26, according to CoinGecko data. Following what appeared to be an endorsement from Lionel Messi, the meme coin surged over 360% and briefly surpassed a total market value of $100 million. However, as of the latest update, Water has retraced most of those gains, currently down 20% at $0.00075 for the day.
Water token over the past 7 days. Source: CoinGecko
In a similar scenario last month, professional wrestler Hulk Hogan distanced himself from a meme coin named after him, which was promoted on his X account. Initially, this “fake” endorsement caused the Hogan meme coin to skyrocket. However, after Hulk Hogan publicly denied any affiliation with the coin, its market cap plummeted from $17 million to $2 million within minutes.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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