- After a second football icon endorsed the idea on social media, the value of Solana-based memecoin WATER briefly increased before falling back to levels recorded on Monday.
Ronaldinho Gaucho, a former football player for Brazil, advertised Water (WATER), a purportedly altruistic memecoin, on Instagram on Tuesday. Ronaldinho, who was unveiled as an official spokesperson on Monday, was the second athletic icon to post on Instagram stories about WATER, after Lionel Messi.
In just two days, Water has stacked two well-known athletes and celebrities, but nothing is known about the project’s intention to help humanitarian causes.
In response to a request for comment from crypto.news, a project representative stated that WATER has taken part in numerous initiatives, such as helping to educate local communities in Northern Brazil, alleviating the aftermath of the devastating floods in Southern Ukraine, and supplying clean water to 4,000 people in Uganda and Ethiopia. Crypto.news had not confirmed these statements at the time of publication.
On its official website, WATER claims that it was developed in collaboration with the BEER memecoin team and that, in contrast to other memecoins, it has a distinct function. According to the project, enhancing water distribution and preventing deforestation in Africa are major concerns. The financial source and the specifics of accomplishing these objectives, however, have not yet been disclosed.
A WATER representative sent a private letter to crypto.news stating, “At this time, we are investigating the boundaries of the possibilities offering hundreds of thousands of dollars to have a clear and direct impact in multiple places around the world.” The spokesperson continued, “The team generates revenue through a variety of means, including market-making fees.”
An additional passage from the website mentions that observers will be able to follow donations and campaign expenditures by sharing a wallet address that is made public. The anonymous group said, “WATER is a meme coin with no inherent value and no financial return expectation.” WATER is purely decorative and absolutely pointless.
Based on a single social media post, it’s unclear how close the Brazilian and Water memecoin ties are going. In the past, Ronaldinho has refuted his involvement in a cryptocurrency scam that used his name last year.
Water’s value increased by more than 200% on Tuesday, according to DEX Screener, following Messi and Ronaldinho’s combined amplification of the token to about 600 million users. WATER was up a meek 2.4% on Wednesday, having given up most of its gains and trading close to a $69 million market valuation.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
