Coinspeaker
Water Meme Coin Surges Nearly 200% after Messi’s Instagram Story
Solana-based meme coin Water (WATER) is surging uncontrollably at the moment, and that is all thanks to an Instagram story by Argentine football superstar Lionel Messi. As of press time, the coin had seen a remarkable 197.85% surge in its price over the past day, to be trading at $0.0009113.
The gains have been so impressive that WATER has now earned a spot in the trending category on Google. Other than the value rise, the crypto asset is also experiencing serious activity, causing its 24-hour trading volume to rise substantially (136.86%) to approximately $35 million. Its market capitalization, as of publication, also stood at $81 million, signaling an all-around surge for the WATER meme coin.
Lionel Messi Influences WATER Token despite Expert Warnings
As earlier noted, the ongoing surge in the meme coin WATER is directly linked to the living football legend Lionel Messi. Messi, who boasts a large following of over 500 million people on social media platform Instagram, had previously shared an image of the Solana-based meme coin on his story. Within just three hours of the post, the token’s value took off, amassing nearly 400% gains in the process.
While it has now shed about 50% of those early gains, the coin is still in all greens, currently outperforming any other existing coin by a large slide.
Meanwhile, it might be worth noting that Messi’s endorsement comes amid a series of warnings about the meme coin’s distribution dynamics. For instance, on-chain analytics firm Bubblemaps expressly warned investors to steer clear of the project due to its concentration of supply.
Similarly, an X user identified as yourfriendSOMMi alleged that there is a 98% chance that Messi knows nothing about cryptocurrencies. This user further claimed that the team behind the WATER coin may have managed to get Lionel Messi’s marketing team on board to carry out the promotion. That is, without Messi necessarily having to know many details about the coin or how it operates.
yourfriendSOMMi also attempted to establish a link between the team behind WATER and those behind the BEER and TEA meme coins. According to the user, they are the same individuals who allegedly pulled off scams that ran into over $40 million in losses.
For what it’s worth, hackers have recently been employing the strategy of using celebrities’ social media accounts to promote meme coins. Still fresh in mind are the cases involving Sydney Sweeney and 50 Cent. However, Messi’s post remains on his page, putting to bed any contemplations that this might have been a hack.
Water Meme Coin Surges Nearly 200% after Messi’s Instagram Story
