Lionel Messi Boosts Solana Meme Coin WATER by 120%

Solana-based meme coin Water (WATER) has seen a significant 120% price surge, making it a trending topic on Google.

According to the latest data from CoinMarketCap, WATER is currently trading at $0.00092, reflecting a 122% increase. The crypto asset’s 24-hour trading volume has also jumped 243%, reaching approximately $40 million. Its market capitalization stands at $82.23 million.

The recent surge in WATER’s value can be attributed to football star Lionel Messi sharing an image of the Solana-based meme coin with his 504 million Instagram followers. Following Messi’s post, the token’s value skyrocketed nearly 400% within three hours, although it has since declined by 72% from its all-time high on June 25. Notably, a small group of wallets controls 35% of the token’s supply.

Bubblemaps, an on-chain analytics firm, has expressed concerns over the concentration of supply, advising investors to be cautious.

Despite these warnings, Messi’s endorsement has generated significant enthusiasm. Another user, yourfriendSOMMi, alleged that the team behind WATER managed to influence Messi’s marketing team to promote the coin, suggesting that Messi might not have detailed knowledge about cryptocurrencies.

The user further claimed that the individuals behind WATER are the same ones involved with the BEER and TEA meme coins, which were previously accused of scams resulting in over $40 million in losses.

Recently, there have been instances of hackers using celebrities’ social media accounts to promote meme coins. However, Messi’s post appears to be legitimate as it remains online without any reports of hacking.

WATER claims to aim for a “net-positive impact on the real world,” although specifics on how it intends to achieve this are vague. The meme coin’s website mentions a partnership with the creators of another volatile Solana meme coin, BEER.

The website also states that WATER has no intrinsic value or expectation of financial return. It provides information on where the token can be bought and traded, listing platforms such as Bitget, BitMart, and MEXC.

Other Solana-based meme coins have also seen growth in the last 24 hours, including Bonk (BONK) and Brett (BRETT).

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