Memecoins

Football Legend Ronaldinho Promotes Solana-Based Meme Coin on Instagram

Legendary footballer Ronaldinho Gaúcho recently shared a post on his Instagram account promoting the Solana-based token Water Coin (WATER) to his 76.6 million followers. This move was in response to a similar post by Lionel Messi that caused a 400% increase in WATER’s value on Monday. Both posts featured images of the footballers and the Water Coin mascot, as well as tagging the project’s Instagram account.

After Ronaldinho’s endorsement, the price of Water Coin briefly rose by 38.8% to $0.0012 within an hour, but later dropped. Despite this decline, WATER’s value has still gone up by over 150% since Messi’s recent promotion.

Water Coin aims to support water sustainability projects and plans to collaborate with more celebrities. However, doubts about its credibility exist, with concerns raised by figures like YouTuber Ajay Kashyap and crypto commentator Ponga about its potential as a pump-and-dump scheme.

This isn’t Ronaldinho’s first time promoting crypto projects. He has reportedly endorsed several projects, including meme coins like Baby Doge and World Cup Inu, which have faced accusations of being pump-and-dump schemes. In 2022, Ronaldinho was also linked to the “18kRonaldinho” project, which was accused of being a $61 million pyramid scheme promising unrealistic returns.

Despite controversies and allegations, Ronaldinho has denied any wrongdoing, attributing any misuse of his likeness to unauthorized parties. Last month, he expressed his support for mainstream crypto adoption, although his remarks were met with criticism from on-chain analyst ZachXBT, who suggested financial motives behind Ronaldinho’s pro-crypto stance.

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