Advisory: Don’t Chase Meme coins Endorsed By Public Figures & Celebrities

Recently, the Solana blockchain has seen a surge in memecoins, with some unfortunately turning out to be scams. One notable example is “SolCatCoin,” which promised high returns and quickly gained popularity due to intense social media marketing and endorsements from fake influencer accounts.

Social media has become an essential tool for crypto enthusiasts to stay up-to-date on the latest trends and developments. In recent months, there has been a surge in interest in memecoins, a type of cryptocurrency that is typically created as a joke or to capitalize on a viral internet trend.

One of the most surprising aspects of this memecoin craze has been the involvement of several celebrities, who have used their massive followings to promote these coins. From Caitlyn Jenner and Iggy Azalea to Lil Pump and Andrew Tate, the list of famous names shilling memecoins is quite extensive.

Now, it seems that even legendary footballers Ronaldinho and Lionel Messi have joined the fray, promoting a Solana-based memecoin called Water ($WATERCOIN) on their Instagram handles. This promotion has sparked a heated debate in the crypto community about the legitimacy and potential future of Watercoin.

As you might expect, given the nature of memecoins and the involvement of celebrities, there are widespread concerns that this could be another pump-and-dump scam. Many Solana-based memecoins that have been hyped up by celebrities in the past have turned out to be scams, leaving investors with massive losses.

How Messi and Ronaldinho Promoted Watercoin?

On July 8, Lionel Messi shared a post on his story, featuring an image with the mascot of Watercoin (an animated water glass) on his shoulder. In the post, he also tagged the official Instagram handle of Water Solana.

A similar post was shared on the Instagram handle of Brazilian football player Ronaldinho Gaucho the following day.

This promotion led to the value of the Water meme coin spiraling, shooting up by 350% from $0.00032 to $0.00146 within hours. However, this rally couldn’t be sustained for long, and the price dropped again the next day. At the time of writing, the price of the Water meme coin is $0.00088, according to the data on CoinMarketCap.

What is Water Memecoin?

Water Meme coin is built upon the Solana blockchain with no intrinsic value. Created by the developers of $BEER, another Solana-based memecoin, the WaterCoin project uses “Freezing” (staking) and “Vaporization” (burning) techniques to boost engagement and enhance the token’s value.

As per the creators of Water Meme coin, they intend to “create the cleanest and most ethical platform in the crypto space”. According to their official website, Water Meme coins follow the same ‘scarcity model’ as Bitcoin.

Furthermore, the quote “You definitely need some WATER after you had too much alcohol” on its website may indicate an ambiguous link with Beer Memecoin.

The Water Meme coin project promises to prioritize charitable works to make a net-positive impact on the real world. This includes global water initiatives such as the creation of sustainable projects to reduce deforestation and help with water distribution in the driest parts of Africa.

Is Water Solana Memecoin Legit or Scam?

Amid all these flowery promises of rewards and charity, there is no clarification on its utility or use cases available. The legitimacy of the Water Solana meme coin is questionable, and it is crucial to approach it with caution.

The Solana blockchain has become a safe haven for scammers aiming to capitalize on creating fake hype. Additionally, most memecoins hold no intrinsic value; any dramatic surges in their popularity typically stem from temporary hype on social media and online sentiment.

A rough estimate suggests that up to 90% of newly launched memecoins could be scams or possess little to no long-term value. Big_Cat, a popular figure on Solana estimates that about 95% of the contracts on Solana are created by malicious actors.

Also, Concerns have been raised about the concentration of the token’s supply, with a significant portion held by a small number of wallets. Data on Solana.fm suggest that 32.24% of total total supply is locked in just 10 wallets. This increases the risk of price manipulation and sudden dumps, known as “rug pulls”.

Furthermore, there are a lot of people on social media platforms like Twitter and Instagram who are criticising the project, calling it a pump-and-dump scam.

While the Water Foundation supposedly only distributed 5% of the 88.88 billion WATER tokens to itself, YouTuber Ajay Kashyap was among the industry critics who flagged WATER as a potential pump-and-dump token.

🇦🇷 Lionel Messi's Instagram post about $WATER token caused its price to surge 400% in just three hours 👀Celebrities and their usual pump & dump 🙄 🤷🏻 pic.twitter.com/AwgQLlq9Lq

Popular crypto commentator Ponga on Twitter says, “Is this real or another pump and dump ****,” added. “Stay cautious boys.”

Messi shilling $WATER on his his instagram story in X. Is this real or another