Soccer superstar Lionel Messi recently caused quite a stir in the crypto world by promoting a meme coin called WATER on his Instagram story. This endorsement led to a significant 350% surge in the token’s price in just a matter of hours.

The image Messi shared featured the token’s mascot, a cartoon glass of water, perched on his shoulder, along with a link to the project’s Instagram page. Following this post, the price of WATER skyrocketed from $0.00032 to $0.00146. While the token did experience a pullback, it still remains at just over $0.001, showing an overall increase of 215.6% in the last 24 hours.

With a market cap of approximately $94 million and a 24-hour trading volume of nearly $40 million, WATER has certainly caught the attention of investors and crypto enthusiasts alike. The project’s website claims that WATER aims to have a positive impact on the real world through charity, although the specifics of how this will be achieved remain unclear.

It is worth noting that WATER can be purchased on exchanges such as Bitget, which Messi has been associated with since October 2022. This partnership may explain Messi’s decision to endorse the meme coin on his social media platform.

However, not everyone in the crypto community is convinced of the legitimacy of WATER and similar meme coins. Some skeptics have pointed out previous instances where celebrities promoted tokens that turned out to be scams, leading to significant losses for investors. Analyst @ericonomics expressed doubts about WATER’s future, warning followers to be cautious about investing in the token.

In addition to Messi’s promotion, former Brazilian soccer star Ronaldinho also seemingly endorsed the project on Instagram, resulting in a minor increase in the token’s price. Like Messi, Ronaldinho was unavailable for comment on his involvement with WATER.

Overall, Messi’s endorsement of WATER has sparked a mix of excitement and skepticism within the crypto community. While some view it as a lucrative investment opportunity, others remain wary of potential risks associated with meme coins and celebrity endorsements in the crypto space. As the market continues to evolve, it will be interesting to see how projects like WATER fare in the long run and whether they can deliver on their promises of making a positive impact through charity initiatives.