- 1. Messi promotes WATER memecoin on Instagram, causing a commotion.
- 2. Token price jumps 356% in just two hours. Who needs a savings account, correct?
- 3. Trading volume hits $40 million in 24 hours. Wow, looks like people have been busy!
- 4. Market cap reaches around $94 million.
- 5. Crypto community thinks it might be a fraud.
- 6. Ronaldinho is also supporting the token, making things even more thrilling.
On July 8th, the world witnessed the significant impact of a single Instagram story when Lionel Messi, with his 500 million followers, endorsed a water-themed Solana memecoin called $WATER.
His shoutout had a profound effect on the digital currency market, leading to substantial changes and surprising many.
It made it clear that a soccer legend could have a considerable influence on the crypto world.
Messi’s magic: water coin’s rapid ascent
In just two hours, Messi's shoutout made the $WATER coin's value skyrocket by 356%. The price surged from $0.00032 to $0.00146, prompting both seasoned and new investors to jump into the action.
By the end of 24 hours, the token settled at $0.0009, marking a 215.6% increase. This endorsement didn't just raise the price; it also propelled $WATER's market cap to about $94 million and its 24-hour trading volume to around $40 million.
Before Messi's shoutout, $WATER was a little-known token with low trading volumes and a tiny market cap. The change was instant and dramatic, highlighting the immense power of celebrity influence in the volatile crypto world.
The phenomenon is reminiscent of Dogecoin in early 2021, when Elon Musk's tweets sent its value soaring to an all-time high of $0.74 before wild corrections followed.
Similarly, the WATER coin benefited from celebrity hype.
However, it's essential to approach these situations with caution, as celebrity endorsements can have a significant impact on a coin's value but also prove unstable.
Celebrity endorsements can quickly boost the value of cryptocurrencies, but they also come with a lot of volatility and risks.
