Ronaldinho has coined a Solana-based meme on Instagram.
Key receivers
Ronaldinho's Instagram endorsement has temporarily boosted the value of the water coin. Doubt surrounds the legality of water coins due to the dangers of pumping and dumping.
Share this article
Famous soccer player Ronaldinho Gaucho recently posted a story on his Instagram account promoting Solana-based Water Coin (WA) to his 76.6 million followers. The move came after Lionel Messi's same post on Monday saw water prices rise by 400%.
The stories of both Ronaldinho and Messi include their images and the water coin mascot. He also tagged the project's Instagram account.
Following Ronaldinho's post, the value of Watercoin surged 38.8% to $0.0012 within an hour, but later fell below the peak, according to CoinGecko data. Despite the reduction, water prices have increased by more than 150% since Messi's recent introduction.
Water Coin aims to support water sustainability projects and has outlined plans for more celebrity partnerships. But his credibility is still questionable. Several figures, such as YouTuber Ajay Kashyap and crypto analyst Ponga, have raised concerns about the potential of such a pump-and-dump scheme.
Watercoin was not Ronaldinho's first foray into crypto. It has reportedly promoted a number of projects, including meme coins that have been accused of being pump-and-dump schemes, such as Baby Doge and World Cup Insu.
The football legend has been linked to the “18Kironaldino” project in 2022. The project was allegedly a $61 million pyramid scheme that promised unrealistic daily returns.
Facing controversy and allegations of questionable conduct, Ronaldinho has maintained that he has done nothing wrong. He also claimed to be a victim of unauthorized use of his avatar.
Last month, Ronaldinho took to X to express his enthusiasm for mainstream crypto adoption.
His post was met with criticism from “investigator” ZachXBT on the chain. ZachXBT suggests the football star's recent pro-crypto comments may be driven by financial concerns rather than genuine interest.
Ronaldinho's Twitter account has been deleted by the time of the report.
Share this article
