Ronaldinho Follows Messi in Promoting Water Memecoin Solana

Bittime - Football legend, Ronaldinho Gaucho, who promoted the memecoin Solana Water Coin (WATER), on his Instagram account made the crypto environment busy.

This post follows a similar move from Lionel Messi who had previously jacked up WATER prices.

Ronaldinho Promotion Pushes Water Coin Prices Increase

On July 9, Ronaldinho uploaded a photo of himself with the Water Coin mascot on his Instagram, which has 76.6 million followers. This post immediately triggered an increase in the price of WATER by 38.8% to $0.0012 within one hour.

However, this increase did not last long. WATER price has fallen below $0.00083 again, and is currently 71% lower than its record high on June 26.

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WATER's previous increase was triggered by Messi

Before Ronaldinho, Messi had also promoted WATER on his Instagram on July 8, resulting in a 158% price increase. The posts of these two football legends show Water Coin's strategy in utilizing the influence of public figures to increase the popularity of their tokens.

Water Coin: Focusing on Water Issues or a Pump-and-Dump Scheme?

Water Coin claims to aim to raise awareness of water-related issues, such as supporting forest conservation and water distribution projects in Africa.

However, some parties, including YouTuber Ajay Kashyap and crypto commentator Ponga, doubted Water Coin's credibility and characterized it as a potential pump-and-dump scheme.

These suspicions were reinforced by a $61 million crypto pyramid scheme that used Ronaldinho's name, "18kRonaldinho", and promised investors 2% daily profits.

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Celebrity Involvement in Crypto Promotion

The trend of using famous figures to promote crypto tokens is increasingly widespread. Recently, former Olympian Caitlyn Jenner and UFC fighter Khazmat Chimaev also engaged in similar practices.

Chimaev's case with Khazmat Chimaev (SMASH) tokens sparked concerns because the distribution of his tokens allegedly had the characteristics of a pump-and-dump scheme.

Conclusion

Ronaldinho and Messi's promotion of Water Coin (WATER) shows a common memecoin strategy of exploiting popularity to boost prices.

However, it is important for investors to always be careful and conduct in-depth research before investing in crypto, given the potential for fraud and pump-and-dump schemes that are rife.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Study Complete Guide How to Buy Crypto on Bittime. 

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