Ronaldinho’s recent Instagram post led to a brief 40% spike in the price of Water Coin Despite the initial surge, the value of Water Coin has fallen below its pre-surge price Water Coin works to raise awareness of water issues and support sustainable projects
Water Coin saw a 40% surge in value in just one hour after Ronaldinho mentioned it on Instagram. However, before the surge, its value had dropped below its price point.
Football legend Ronaldinho Gaucho is the latest to promote the Solana Water Coin (WATER) on Instagram. Two days ago, he followed a similar post on Lionel Messi’s X account.
On July 9, he posted an Instagram story to his 76.6 million followers, including a photo of himself with the water coin mascot peeking over his shoulder. He added a hashtag to the coin’s Instagram account.
The price of WATER rose 38.8% to $0.0012 in the hour after Ronaldinho’s release, but has since fallen to below $0.00083, according to CoinGecko data. It is now 71% below its all-time high on June 26.
Since Messi posted his post on his Instagram account on June 8, in which he shared a photo similar to Ronaldinho’s post, the price of water has increased by 158%.
Water Coin’s Pump and Dump Scheme Goals and Concerns
As stated on its website, the Water Coin Foundation’s primary goal is to raise awareness of water-related concerns, including promoting sustainable initiatives that combat deforestation and facilitate water distribution in Africa.
Water Coin’s roadmap shows how it plans to collaborate with celebrities before becoming a charity-focused eco-token to achieve its goal.
While the WATER Foundation reportedly held only 5% of the 88.88 billion WATER tokens for itself, several figures like YouTuber Ajay Kashyap and crypto commentator Ponga have raised concerns about its potential as a pump-and-dump scheme.
Ronaldinho has been implicated in alleged crypto schemes in the past.
In August, Ronaldinho appeared before a Brazilian parliamentary committee in connection with an alleged cryptocurrency pyramid scheme that used his image and reportedly involved $61 million.
The “18kRonaldinho” scheme promised investors a 2% daily return and used images of the retired soccer star in its marketing.
Ronaldinho said he was not involved in the scheme, was never associated with the project, and was also a victim because they used his image without his permission.
Other Celebrity Endorsements and Controversies in the Cryptocurrency Space
UFC fighter Khazmat Chimaev recently posted a video on his Instagram account promoting a cryptocurrency bearing his name — Khazmat Chimaev (SMASH) — but then claimed he had nothing to do with the memecoin.
ZachXBT, a cryptocurrency researcher, says the SMASH token distribution had characteristics of a pump-and-dump scheme, with the SMASH team allegedly owning 78% of its supply.
Before investing in celebrity-backed cryptocurrencies, you need to do your homework. Celebrity involvement does not necessarily mean that a cryptocurrency project is legitimate or stable.