Water, a memecoin built on the Solana blockchain, saw a spike in value after Brazilian football legend Ronaldinho Gaucho promoted the project on Instagram. This came just a day after another football icon, Lionel Messi, endorsed WATER on social media.
Despite the celebrity endorsements, there is limited information available about Water’s charitable initiatives. The project claims to have been involved in various charitable activities, such as assisting with flood relief in Southern Ukraine and providing clean water to communities in Uganda and Ethiopia. However, these claims have not been independently verified.
Water differentiates itself from other memecoins by highlighting its commitment to combating deforestation and improving water distribution in Africa. The project aims to provide substantial funding for these causes but has not disclosed specific details on how this will be achieved.
The team behind Water mentioned that they have various revenue streams, including market-making fees, to fund their charitable efforts. They also plan to share a publicly known wallet address to allow transparency in tracking donations and campaign disbursements.
While the endorsements from Messi and Ronaldinho helped Water’s value surge by over 200% initially, the memecoin saw a correction shortly after and settled at a modest 2.4% gain. Its market cap currently stands at around $69 million.
It remains to be seen how closely Ronaldinho is involved with Water and whether the project can deliver on its promises of supporting charitable causes. The public will have to wait for more information from the team behind Water to assess the legitimacy and impact of this memecoin in the crypto space.