Ronaldinho Gaúcho recently joined soccer legend Lionel Messi in promoting the Solana token Water Coin (WATER) on Instagram. In a July 9 Instagram story to his 76.6 million followers, Ronaldinho shared a photo with Water Coin’s mascot, tagging the token’s Instagram account.
According to CoinGecko data, WATER surged 38.8% to $0.0012 within one hour after Ronaldinho’s post. However, it has since declined below $0.00083. Currently, its price is down 71% from its all-time high reached on June 26.
Since Messi’s Instagram post on July 8, which featured a similar picture to Ronaldinho’s post, WATER’s price has increased by 158%.
Water Coin aims to raise awareness for water-related issues and support sustainable projects such as preventing deforestation and improving water distribution in Africa, as stated on its website. The coin’s roadmap includes plans to establish partnerships with celebrities and transition into a charity-focused environmental token.
Critics, including YouTuber Ajay Kashyap, have raised concerns about Water Coin, labeling it a potential pump-and-dump token. Crypto commentator Ponga cautioned followers to remain vigilant.
In August, Brazilian national Ronaldinho faced scrutiny from a parliamentary committee inquiry regarding his alleged involvement in a $61 million crypto pyramid scheme using his likeness. Ronaldinho denied any association with the scheme, asserting that his image was used without permission and that he was also a victim.
Recently, several prominent figures have been involved in launching and promoting crypto tokens, including former Olympian Caitlyn Jenner.
UFC fighter Khazmat Chimaev recently posted a video on Instagram promoting a crypto token named after him — Khazmat Chimaev (SMASH). However, he later clarified that he had no involvement with the memecoin.
Crypto investigator ZachXBT noted that the distribution of the SMASH token exhibited characteristics resembling a pump-and-dump scheme, with the SMASH team allegedly holding 78% of its supply.Recently, several prominent figures have been involved in launching and promoting crypto tokens, including former Olympian Caitlyn Jenner.
UFC fighter Khazmat Chimaev recently posted a video on Instagram promoting a crypto token named after him — Khazmat Chimaev (SMASH). However, he later clarified that he had no involvement with the memecoin.
Crypto investigator ZachXBT noted that the distribution of the SMASH token exhibited characteristics resembling a pump-and-dump scheme, with the SMASH team allegedly holding 78% of its supply.
