Background Image for Messi & $WATER promotion: Solana token's wild rise and ethical concerns
Image for Messi & $WATER promotion: Solana token's wild rise and ethical concerns

Messi & $WATER promotion: Solana token's wild rise and ethical concerns

Lionel Messi's unexpected Instagram shoutout for the WATER Solana memecoin shook up the crypto market. The token's value shot up 356% in just two hours.

TAKEAWAYStl;dr most important facts
  • 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.

published 18 July 2024 on
News
last updated 13 August 2024
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3min

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.

Messi's Instagram story promoting $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.

$WATER price jump after Messi shoutout

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.

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Celebrity endorsements can quickly boost the value of cryptocurrencies, but they also come with a lot of volatility and risks.

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