Solana-based memecoin WATER saw a brief surge in value after a second football icon promoted the project on social media, before retracing to levels seen on Monday.

On Tuesday, former Brazilian football star Ronaldinho Gaucho promoted the charitable memecoin WATER on Instagram. Ronaldinho was the second sporting legend to post about WATER on Instagram stories, following Lionel Messi, who was announced as an official representative on Monday.

Ronaldinho Gaucho promotes WATER on Instagram.

Within two days, WATER has attracted two globally recognized athletes and celebrities. However, information about the project’s plan to support charitable causes remains limited.

In response to a comment request, a project representative stated that WATER has engaged in various initiatives, including mitigating the aftermath of massive floods in Southern Ukraine, educating local communities in Northern Brazil, and providing clean water to 4,000 people in Uganda and Ethiopia. These claims have not been verified.

According to WATER’s official website, the token was created in partnership with the BEER memecoin team and aims to combat deforestation and improve water distribution in Africa. However, details about achieving these goals and the funding source have yet to be shared.

“Right now, we are looking into the limits of the possibilities providing hundreds of thousands of dollars to have a clear and direct impact in multiple places around the world,” a WATER spokesperson said. The representative added that the team has multiple ways of generating money, including market-making fees.

Another note from the website mentions that a publicly known wallet address would be shared for observers to track donations and campaign disbursements. The team added, “WATER is a meme coin with no intrinsic value or expectation of financial return. WATER is completely useless and for entertainment purposes only.”

It’s unclear how close the ties between the Brazilian footballers and the WATER memecoin are based on a single social media post. Ronaldinho previously denied involvement in a crypto scam that leveraged his identity last year.

After Messi and Ronaldinho amplified the token to nearly 600 million users combined, WATER jumped by over 200% on Tuesday. By Wednesday, WATER had returned much of its gains and was up a modest 2.4%, with a market cap hovering around $69 million.

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