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Solana meme coin ‘Water’ soars 350% after Messi’s Instagram post 

In this post:

  • Water jumped 360% after Lionel Messi’s Instagram account posted a picture of the token.
  • The price of ‘Water’ climbed from $0.00031 to $0.00147.
  • The token was launched by the team behind Beer, another viral Solana meme coin.

Solana-based meme coin ‘Water’ rose as much as 360% on Monday after the Instagram account of football star Lionel Messi posted a picture promoting the token. The price of ‘Water’ soared from $0.00031 to $0.00147 after the post but has since pared most of those gains, as of writing.

Also read: $TEA presale raises $5.4 million: 5 things you should know before investing

Messi’s post to his 504 million Instagram followers featured a picture of himself alongside the Water token logo but did not provide further information. The founders of Water wrote on their official Telegram page that the footballer “has become the first celebrity to publicly support” the meme coin. The team has been teasing such a deal in recent days.

Water token struggles to keep head above water

According to the project website, the Water memecoin “aims to have a net-positive impact on the real world with the help of charity.” The team claims to have so far donated $200,000 worth of Bitcoin (BTC) to help 4,000 people in Uganda and Ethiopia to get access to clean water. It also said that it donated $240,000 worth of Water to several charities.

The token was launched in late June by the team behind Beer, a Solana meme coin that once reached $1 billion in market capitalization. Water’s presale was over-subscribed and the token hit $500 million in market cap. However, it has struggled to keep its head above the water ever since.

Also read: Rapper 50 Cent’s Twitter account hacked to promote GUNIT token

The price of Water has slumped more than 70% since a high of around $0.00264 on June 26, per CoinGecko data. After the seeming Messi endorsement, the meme coin spiked over 360% and briefly crossed $100 million in total market value. At Press time, Water has lost most of those gains and is down 20% at $0.00075 on the day.

Water
Price ($) of Water token over the past 7 days. Source: CoinGecko

Earlier last month, professional wrestler Hulk Hogan distanced himself from a meme coin named after him, which was promoted on his X account. Initially, the “fake” endorsement caused the Hogan meme coin to skyrocket. But After Hulk Hogan’s denial, the coin’s market cap crashed from $17 million to $2 million within minutes.


Cryptopolitan Reporting by Jeffrey Gogo

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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