Ronaldinho Pumps Solana\'s Water Coin (WATER) by 40% in an Hour, But the Project Raises Concerns of a Pump-and-Dump Scheme

Soccer legend Ronaldinho Gaúcho is the latest to promote the Solana Water Coin token (WATER) on Instagram. Two days ago, he followed a similar post on Lionel Messi's

Soccer legend Ronaldinho Gaúcho has promoted the Solana Water Coin token (WATER) on Instagram, following a similar post on Lionel Messi’s X account two days prior.

On July 9, Ronaldinho posted an Instagram story to his 76.6 million followers, which included a photo of him with the Water Coin mascot peeking over his shoulder. The story tagged the token's Instagram account.

An hour after Ronaldinho's post, WATER saw a 38.8% surge to $0.0012, but has since fallen below $0.00083, as per CoinGecko data. The token's price is now 71% down from its June 26 all-time high.

Since Messi's Instagram post on June 8, which shared an image similar to Ronaldinho's post, Water Coin's price has increased by 158%.

As stated on its website, Water Coin's main goal is to raise awareness about water-related issues, including promoting sustainable initiatives that help fight deforestation and provide water in Africa.

Water Coin's roadmap shows how it plans to achieve its goal by partnering with celebrities before becoming a charity-focused environmental token.

While the WATER Foundation reportedly kept only 5% of the 88.88 billion WATER tokens for themselves, several figures like YouTuber Ajay Kashyap and crypto commentator Ponga have expressed concerns about its potential as a pump-and-dump scheme.

In August, Ronaldinho appeared before a Brazilian parliamentary commission regarding an alleged crypto pyramid scheme that used his image and reportedly involved $61 million.

The “18kRonaldinho” scheme promised investors a 2% daily return and used images of the retired soccer star in its marketing materials.

Ronaldinho stated that he was not involved in the scheme, had never been associated with the project, and was also a victim because they used his image without his permission.

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