Solana [SOL] Based $WATER Memecoin Receives a Massive Promotional Boost from Soccer Legends Lionel Messi and Ronaldinho Gaucho

The Solana [SOL] based $WATER crypto memecoin received a massive promotional boost from two soccer legends, Lionel Messi and Ronaldinho Gaucho.

Two soccer legends, Lionel Messi and Ronaldinho Gaucho, gave a massive promotional boost to the Solana [SOL]-based $WATER crypto memecoin.

Messi promoted the water-themed meme coin on his Instagram story on 8th July. Market observer Alex Kruger reacted to Messi’s promotion and called it “wild.”

“Messi is now shilling Solana memecoins. Via his Instagram stories. This is wild.”

Later, on 9th July, another soccer star, Ronaldinho Gaucho, joined Messi and promoted the $WATER on his Instagram story. Ronaldinho’s promotion came as the memecoin rallied by over 350%.

WATER/USDT4 hour candle chart. Source: TradingView

Water Coin [$WATER], according to its website, is an impact token that aims to protect the environment and “support charitable causes.”

“Unlike many memecoins that lack universal value, $WATER stands out with a clear purpose. Our token exists to ensure fair asset redistribution among holders while also supporting charitable causes.”

The recent endorsement from soccer stars for a cause that seems good and charitable aligns well with Ethereum [ETH] founder Vitalik Buterin’s vision for memecoins.

So, could it rally further and post more gains for speculators? One analyst thinks so and projected a 2X move was likely if WATER flips $0.001 into support.

However, others warned that WATER could be a ‘pump and dump’ scheme.

“Messi has just shilled $WATER memecoin on Instagram! Just a reminder: the last time Messi endorsed a token was $PLANET in March 2024. Since then, a constant dump of -90%.”

Moreover, some had issues with the project’s X (formerly Twitter) account, which had over 190K followers but had zero posts since its debut last month.

Meanwhile, the memecoin traded at $0.0009 and was up 3% in the last 24 hours, according to data from Coingecko. However, compounding skepticism about the memecoin could derail market sentiment and calls for caution.