Messi Takes a Dive into Crypto: Promotes Solana’s WaterCoin (WATER) on Instagram!

12

Lionel Messi is promoting a Solana network-based meme cryptocurrency token via his Instagram account.

Lionel Messi, one of the greatest footballers of all time, has shown increasing interest in the world of cryptocurrencies. Leveraging his massive global influence, Messi has recently begun promoting various digital assets. 

On 8 July 2024, A crypto X (formerly Twitter) user informed the crypto community that Lionel Messi is currently promoting the $Water token, a Solana network based meme crypto token, via his Instagram account. 

According to this person, $WATER token is totally a shitcoin because the backers of this project are dumping it on the investors.

As per available data by the WaterCoin project  team, the roadmap of this meme token outlines four stages: the initial presale of the token, centralised exchange listings, celebrity partnerships, and the final phase of becoming a “charity-focused environmental currency.” 

However, the roadmap lacks detailed plans on how these goals will be achieved. Additionally, the token’s price action has shown patterns typical of “pump and dump” schemes.

Water token price action 

The current trade price of $Water token is $0.001175 & this price is 261% high over the last 24 hours. 

Messi Takes a Dive into Crypto: Promotes Solana's WaterCoin (WATER) on Instagram! 1

Meme token risks 

Investing in meme tokens is very risky because their prices often skyrocket without any real purpose or use. Despite this, many traders still take big risks hoping to make huge profits. The popularity of meme tokens has caused debate in the crypto world, with some people saying they give cryptocurrencies a bad reputation and attract unwanted attention from regulators.

Notably, some bad actors used the meme token trend  to conduct smooth “rug pull” scams in the cryptocurrency space.

Read also: Bloomberg ETF Expert Eric Balchunas on Solana Spot ETF Applications: Donald Trump & Sol spot ETF