WATER Coin Soars 350% Due to Lionel Messi's Instagram Story Post

Bittime -The crypto community is abuzz after football legend Lionel Messi promoted Solana-based meme coin WATER on his Instagram story on Monday. 

WATER's price skyrocketed from $0.00032 (around Rp5,248) to $0.00146 (around Rp23,616) in just two hours after Messi's endorsement, marking a whopping 350% increase in price. However, this rapid price increase has also drawn criticism from some in the crypto community.

Posting Instagram Story Lionel Messi

Messi's Instagram content features an image of the token's mascot, a cartoon water glass perched on his shoulder, along with a link to the project's Instagram page. 

WATER Prices Soar After the Post Above

The promotion caused a surge in the price of WATER, which eventually stabilized at just over $0.001 (around Rp. 16,400) , showing a 215.6% increase in the last 24 hours, according to CoinMarketCap. 

Currently, the token has a market cap of around $94 million (around Rp1,537,600,000,000) and a 24-hour trading volume of just under $40 million (around Rp656,000,000,000) .

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What is WATER?

The project's website states that WATER "aims to have a net positive impact on the real world through charitable activities," though they provide few details about how these charitable efforts are carried out. 

One of the platforms where WATER can be purchased is Bitget, which may explain Messi's support, given his partnership with Bitget since October 2022. Attempts to reach Messi's media relations team for comment were unsuccessful.

Memecoin Trend Among Celebrities

Earlier this year, several celebrities, including Caitlyn Jenner and rapper Iggy Azalea, jumped on the meme coin bandwagon by creating tokens on the Solana blockchain. The move was criticized as an attempt to make a quick buck off their followers. 

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This Action Actually Raises Question Marks for the Crypto Community

As a result, Messi’s post was met with skepticism from some in the crypto community. Analyst @ericonomics expressed his doubts on Twitter, warning his followers not to buy the token and stating that it could soon experience a rug pull (a pump and dump scam). 

He referred to Messi's previous promotions of other tokens such as Leafty and Planet, both of which experienced significant losses after being promoted.

Ronaldinho Also Promotes WATER on His Instagram

Interestingly, former Brazilian soccer star Ronaldinho also appears to be promoting the WATER project on Instagram, leading to a slight increase in the token’s price. Attempts to reach Ronaldinho for comment were also unsuccessful.

Pros and Cons of WATER

In short, while Messi’s promotion has raised WATER’s profile and price, it has also raised questions about the motivations behind the endorsement and the potential risks for investors.

How to Buy Crypto with Bittime

You can buy and sell crypto assets easily and safely through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed your identity verification. Also, make sure you have sufficient balance by depositing some funds into your wallet. Just so you know, the minimum asset purchase on Bittime is IDR 10,000. After that, you can make crypto asset purchases in the application. 

Monitor the price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.