Lionel Messi Endorses Solana Memecoin WATER With 504M Instagram Followers

This endorsement caused the token's price to surge nearly 400% in just three hours, although it has since fallen 80% from its all-time high.

Football superstar Lionel Messi has endorsed the Solana memecoin known as WATER to his massive following of 504 million on Instagram on Monday.

This endorsement led to a surge in the memecoin’s price by nearly 400% in just three hours, though it has since seen an 80% decrease from its all-time high.

An on-chain tracker called Bubblemaps has highlighted the concentration of the token’s supply, revealing that 35% of WATER is controlled by a group of wallets, raising concerns. Despite these warnings, many investors were largely influenced by Messi's post and opted to buy the token.

Recently, hackers have been targeting celebrity profiles to promote meme coins. Once the celebrities regain access to their accounts, they delete every post from their profiles, even those not related to token-shilling.

Two notable examples include musician 50 Cent and actress Sydney Sweeney. However, Messi's case seems to be different.

The Instagram story about the football player is still live at the time of writing, and there have been no claims from Messi's side about being hacked.

WATER aims to create a “net-positive impact on the real world,” as stated in its mission, without providing specific details. In the last 24 hours, WATER has seen a trading volume of around $97 million, with a market cap exceeding $80 million.

Moreover, other Solana-based meme coins, such as Zazu (ZAZU), Zoomer (ZOOMER), and Jeo Boden (BODEN), have also experienced significant price increases, rising by 63%, 29%, and 16%, respectively.

The above is the detailed content of Lionel Messi Endorses Solana Memecoin WATER With 504M Instagram Followers. For more information, please follow other related articles on the PHP Chinese website!