Football Superstar Lionel Messi Shared a Solana-Based Token That Is Down Over 90% From ATH With His 504M Instagram Followers

A cluster of wallets currently holds over 35% of the supply.

Football superstar Lionel Messi has shared a solana-based token that is currently down over 90% from all-time highs with his 504 million Instagram followers. A cluster of wallets currently holds over 35% of the supply.

A solana-based memecoin that is currently down over 90% from all-time highs has seen some gains in the last day after being shared by football superstar Lionel Messi in an Instagram story.

A number of wallets hold 35% of the memecoin, despite it being in circulation for less than 2 months. The token initially jumped on the news of Messi’s seeming endorsement — from $0.00029 to $0.0013 — but has since lost most of its gains.

So, What’s $WATER and How Does it Work?

Let’s not water this down more than necessary. The Solana memecoin appears to be a charity project and “aims to have a net-positive impact on [the] real world with the help of charity.” According to the project’s website, it wants to be the next big memecoin.

In a play of words, they explain how staking $WATER works, inspired by the physical state of water. $WATER tokens can be staked to earn rewards (freezing) or burned to reduce supply and increase scarcity (vaporising).

So far, the token can be bought on decentralised exchanges such as Raydium, the OKX DEX and Jupiter — as well as on centralised exchanges Bitget, MEXC and Bitmart.

But be warned, they’re very open about $WATER’s status as a memecoin:

Celebrities Thirst for Memecoins

And it’s not only Messi who is in hot water. As reported, UFC star Khamzat Chimaev recently faced criticism over his promotion of the SMASH memecoin which suffered a similar fate to Messi’s promotion.

Overall, there seems to be still a significant appetite for memecoins by influencers and stars.

The above is the detailed content of Football Superstar Lionel Messi Shared a Solana-Based Token That Is Down Over 90% From ATH With His 504M Instagram Followers. For more information, please follow other related articles on the PHP Chinese website!