Highlights:
- Messi’s Instagram post triggers 55% surge in WATER memecoin value
- WATER aims for real impact with $440K donated to water and charity initiatives
- Celebrity endorsements spotlight the regulatory gaps in crypto investments
Lionel Messi, the iconic Argentine footballer, recently featured the Solana-based memecoin WATER in a post on his Instagram story. This coincided with a significant price jump for the token, highlighting the influence of celebrity endorsements on cryptocurrency markets.
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Messi boasts 504 million followers on Instagram, and a photo with the WATER logo was displayed, prompting immediate market reactions. The WATER token saw its price soar by over 55% following the post.
The first time ever Messi is promoting a Memecoin via Instagram $WATER , IS THAT MESSIS MEMECOIN?! pic.twitter.com/h0SxKTCrqq
— WALL STREET BINANCE (@Wallstreet_bnb) July 8, 2024
WATER Memecoin Market Fluctuations and Charitable Efforts
Introduced in late June by creators of the previously successful Beer memecoin, WATER initially saw substantial market interest. The token’s presale was over-subscribed and quickly reached a market cap of $500 million. However, maintaining this valuation proved challenging for WATER, as it struggled to sustain its initial success.
WATER is more than just a digital asset; it positions itself as a tool for real-world positive impact. The project’s team has claimed $200,000 in Bitcoin to support water access initiatives in Uganda and Ethiopia, benefiting around 4,000 individuals. Additionally, they have reportedly donated $240,000 in WATER tokens to various charities.
WATER Memecoin Shows Resilience Amid Market Volatility
Despite these efforts, the memecoin’s website states that WATER is a meme coin “with no intrinsic value or expectation of financial return.”In the past 24 hours alone, WATER’s trading volume has surged to nearly $97 million, with a market cap of over $80 million. Available on exchanges like Bitget, BitMart, and MEXC, the token remains accessible to traders despite the volatility.
As of the last update, although WATER memecoin has lost more than half of its recent surge, it still shows a positive trend, trading up by almost 21.12% for $0.0009091, according to CoinMarketCap. As the crypto community awaits further comments from Messi or his team regarding the Instagram post, investors are reminded of the importance of thorough due diligence before investing, especially given the frequent occurrence of scams in the crypto space.
The scenario with Messi and WATER memecoin recalls a similar situation involving wrestler Hulk Hogan and another memecoin last month, and This highlights how celebrity endorsements can significantly impact the unstable world of meme cryptocurrency investments, as seen when Hogan disowned the promoted memecoin.
Celebrity Endorsements Boosting Crypto Adoption
Ronaldinho, the renowned Brazilian footballer, recently supported cryptocurrency, advocating for its mainstream adoption on his X social media account. His post stating, “Time for crypto to go mainstream, who’s with me?” quickly garnered significant attention, achieving over 2.2 million views and 3,400 reposts. This enthusiasm, however, is tempered by scepticism within various crypto communities due to Ronaldinho’s past controversial partnerships.
The trend of celebrities influencing cryptocurrency projects highlights an existing regulatory gap in global financial technologies. Past incidents where famous personalities endorsed crypto projects for personal gain have prompted investor caution. These cases exemplify the powerful impact of celebrity endorsements on market dynamics and investor behaviour in the cryptocurrency world.
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