Key points
- Ronaldinho's Instagram endorsement temporarily increased the value of Water Coin.
- Skepticism surrounds the legitimacy of Water Coin due to potential pump-and-dump risks.
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Legendary footballer Ronaldinho Gaúcho recently posted a story on his Instagram account promoting the Solana-based Water Coin (WATER) token to his 76.6 million followers. The move came after a similar post by Lionel Messi caused WATER’s value to skyrocket by almost 400% on Monday.
Ronaldinho and Messi's stories included images of themselves and the mascot Moneda de Agua. They also tagged the project's Instagram account.
Following Ronaldinho's post, the price of Water Coin increased by 38.8% to $0.0012 within an hour, although it later fell back below its peak price, according to CoinGecko. data sample. Despite the fall, the value of WATER has increased by more than 150% since Messi's arrival. recent promotion.
Water Coin aims to support water sustainability projects and has outlined plans for more partnerships with celebrities. However, its credibility remains in question. Several figures such as YouTuber Ajay Kashyap and cryptocurrency commentator Ponga have expressed concerns about its potential as a pump-and-dump scheme.
Water Coin was not Ronaldinho’s first involvement in promoting cryptocurrencies. He had reportedly promoted several projects, including meme coins like Baby Doge and World Cup Inu, which have been accused of being pump-and-dump schemes.
The football legend was also associated with the “18kRonaldinho” project in 2022. The project was supposed to be a $61 million pyramid scheme that promised unrealistic daily returns.
However, in the face of controversy and accusations of dubious practices, Ronaldinho denied having committed any irregularities and claimed that he was also a victim of unauthorized use of his image.
Last month, Ronaldinho took to X to express his enthusiasm for the mainstream adoption of cryptocurrencies.
His post was criticized by blockchain “detective” ZachXBT, who suggested that the soccer star's latest pro-crypto comments could be motivated by financial concerns rather than genuine interest.
Ronaldinho's tweet was deleted at the time of reporting it.
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