Soccer Legend Lionel Messi Promotes Solana Meme Coin WATER, Causing Market Stir

Argentinian soccer legend Lionel Messi has caused a stir in the cryptocurrency community by presumably getting involved in the launch of a meme coin.

Soccer legend Lionel Messi has sparked a frenzy in the cryptocurrency world with his alleged involvement in launching a meme coin.

On Monday, a story was posted on Messi's Instagram promoting the Solana meme coin WATER, The Block reported. With 504 million followers, Messi's Instagram is the second-most followed account, after Cristiano Ronaldo's.

The WATER meme coin's Instagram account, which has over 185,000 followers, also shared the story, featuring a picture of Messi with the logo. No posts were visible on the account as of Monday afternoon.

The promotion led to a surge in WATER's valuation, which briefly reached over $1 billion. However, the coin has since lost over 90% of its value and was trading at around $65 million at the time of writing.

Without any further confirmation from Messi or his team, the promotion is reminiscent of a similar incident involving Hulk Hogan last month. The WATER website also claims it was created in partnership with the makers of the Solana meme coin BEER, which saw extreme volatility last month.

The unexpected promotion of WATER by Messi's Instagram follows the trend of celebrity-endorsed meme coins. Several high-profile figures have been involved in similar promotions, which have added to the speculation and volatility in the market. Posts promoting Hulk Hogan's meme coin were quickly removed after launch.

In June 2024, Ethereum co-founder Vitalik Buterin expressed concerns about the rise of celebrity-backed meme coins, highlighting the need for the crypto community to focus on projects that offer real value.

Previously, a report highlighted the potential impact of celebrity meme coins on the broader cryptocurrency market. Historical trends suggest that the involvement of celebrities often coincides with market peaks. The recent surge and subsequent drop in WATER's value following Messi's post is a testament to this phenomenon.

The influence of meme coins will be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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