Lionel Messi has taken a surprising turn off the soccer field and into the volatile world of cryptocurrency, leaving many to ponder whether his latest endeavor is a genuine opportunity or just another scam.
Soccer superstar Lionel Messi has surprised fans with a foray into the volatile world of cryptocurrency, leaving many to question whether his latest venture presents a genuine opportunity or a potential scam. On Tuesday, July 9, Messi took to his Instagram stories to promote Watercoin, a memecoin built on the Solana blockchain.
This endorsement quickly sparked a buzz among traders, eager to see if the coin will manage to beat the odds or join the long list of failed celebrity-backed ventures. According to CoinMarketCap, Watercoin has already positioned itself as the top gainer on Solana.
Unlike many celebrity-endorsed tokens that offer little beyond boosting their promoters’ egos, Watercoin aims to raise awareness and provide solutions for ecological issues, particularly those related to water. Its roadmap outlines an ambitious trajectory, beginning with an initial token presale and progressing through phases that include centralized exchange listings, further celebrity partnerships, and a transition into a “charity-focused environmental currency.”
However, history has shown that meme coins, especially those linked to celebrities, often fail to live up to their promises. In recent examples, Kim Kardashian faced a $1.26 million fine for failing to disclose a $250,000 payment to promote EthereumMax, which led to a legal battle and the dismissal of a class action lawsuit involving her and Floyd Mayweather Jr. Steven Seagal settled with the SEC for $314,000 after not disclosing a $1 million payment for promoting Bitcoiin2Gen. Paris Hilton promoted LydianCoin, which later faced legal scrutiny for allegedly misleading investors.
Adding to the list of cautionary tales, UFC fighter Khamzat Chimaev ventured from the octagon into the crypto world, but his efforts met a swift and dramatic collapse. His Solana-based memecoin, Smash, named after his rallying cry “Smash Everyone,” saw its value plummet by 94% within hours of its release. Despite a promotional video where Chimaev enthusiastically urged his followers to “smash together,” his manager later clarified that Chimaev was not directly involved in promoting the coin.
The crypto market is known for its wild swings, scams, pump-and-dump schemes, low liquidity, and potential for rapid devaluation. While Messi's global popularity gives Watercoin a significant boost, it does not protect against these inherent risks. Investors are advised to conduct thorough research and remain cautious of hype-driven investments.
The essential question remains: Will Watercoin fulfill its ecological promises or join the ranks of high-profile celebrity crypto failures? The outcome is yet to be seen, leaving both Messi and potential investors to navigate the uncertain future of this latest memecoin venture.
