Water, a meme coin based on Solana, has seen a significant surge in its price, increasing by 120% and catching the attention of many investors. Currently trading at $0.00092, the coin has experienced a 122% rise, with a trading volume of $40 million and a market capitalization of $82.23 million.
The sudden increase in the value of Water can be credited to soccer star Lionel Messi, who shared an image of the meme coin with his massive Instagram following of 504 million people. Following Messi’s post, the value of the token shot up by nearly 400% in just three hours, although it has since dropped by 72% from its peak on June 25. It is worth noting that a small group of wallets holds 35% of the total token supply, raising concerns about supply concentration.
Despite warnings from on-chain analytics firm Bubblemaps about the risks associated with Water, Messi’s endorsement has overshadowed these concerns. There have been allegations that the team behind Water managed to persuade Messi’s marketing team to promote the coin, even though Messi may not fully understand the world of cryptocurrencies.
Moreover, it has been claimed that the individuals behind Water were also involved in previous meme coin scams like BEER and TEA, which resulted in significant losses for investors. While there have been cases of hackers using celebrities’ social media accounts to promote meme coins, Messi’s post seems to be legitimate, as no reports of hacking have been made.
Water aims to have a positive impact on the real world, although the specifics of how it plans to achieve this goal are unclear. The coin’s website mentions a partnership with the creators of another Solana meme coin, BEER, and emphasizes that Water does not guarantee any financial returns. The website also provides information on where the token can be purchased and traded, listing platforms like Bitget, BitMart, and MEXC.
In addition to Water, other Solana-based meme coins like Bonk (BONK) and Brett (BRETT) have also experienced significant growth in the past 24 hours. This trend indicates a growing interest in meme coins within the cryptocurrency market, driven by celebrity endorsements and social media influence. Investors should exercise caution and conduct thorough research before investing in such volatile assets to avoid potential risks and losses.
