Key Takeaways
- Ronaldinho’s Instagram endorsement boosted Water Coin’s worth briefly.
- Skepticism surrounds Water Coin’s legitimacy attributable to potential pump-and-dump dangers.
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Legendary footballer Ronaldinho Gaúcho just lately posted a narrative on his Instagram account selling the Solana-based token Water Coin (WATER) to his 76.6 million followers. The transfer comes after Lionel Messi’s comparable submit despatched WATER’s worth hovering virtually 400% on Monday.
Each Ronaldinho’s and Messi’s tales included their photographs and the Water Coin mascot. It additionally tagged the challenge’s Instagram account.
Following Ronaldinho’s submit, the worth of Water Coin elevated by 38.8% to $0.0012 inside an hour, although it later fell beneath its peak value, CoinGecko’s knowledge exhibits. Regardless of the decline, WATER’s worth has elevated by over 150% since Messi’s current promotion.
Water Coin goals to assist water sustainability initiatives and has outlined plans for extra celeb partnerships. Its credibility, nonetheless, stays unsure. A number of figures like YouTuber Ajay Kashyap and crypto commentator Ponga, have raised issues about its potential as a pump-and-dump scheme.
Water Coin was not Ronaldinho’s first involvement in crypto promotion. He had reportedly promoted a number of initiatives, together with meme cash like Child Doge and World Cup Inu, which have been accused of being pump-and-dump schemes.
The soccer legend was additionally related to the “18kRonaldinho” challenge in 2022. The challenge was alleged to be a $61 million pyramid scheme promising unrealistic each day returns.
Going through controversy and accusations of doubtful practices, Ronaldinho, nonetheless, denied any wrongdoing. He asserted that he was additionally a sufferer of the unauthorized use of his likeness.
Final month, Ronaldinho took to X to precise his enthusiasm for mainstream crypto adoption.
His submit met with criticism from on-chain “detective” ZachXBT. ZachXBT urged the soccer star’s newest pro-crypto feedback could also be pushed by monetary troubles moderately than real curiosity.
Ronaldinho’s tweet was eliminated on the time of reporting.
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