Lionel Messi Endorses Solana-Based Memecoin Water (WATER), Sending Its Price Soaring

Argentinian football star Lionel Messi has endorsed the Solana-based memecoin Water (WATER), adding a significant milestone to the project's marketing achievements.

Argentinian football star Lionel Messi has endorsed the Solana-based memecoin WaterCoin ($WATER), adding a significant achievement to the project's marketing efforts. Messi, known for his exceptional football skills and massive following, has promoted WaterCoin on his Instagram story, which boasts 504 million followers.

According to a representative of WaterCoin, Messi is the official ambassador of the project, and his endorsement is part of a collaboration to promote the memecoin's goals. This marks the first time Messi has promoted a memecoin on his Instagram page.

Following Messi's endorsement, WaterCoin experienced a notable surge in value. The token's price quickly rose by almost 60%, as shown by data from CoinGecko, immediately after Messi posted about it. However, the gains have since stabilized, showing a more modest 4.5% increase.

WaterCoin, despite being introduced only two weeks ago, already has a capitalization of $73.6 million and a daily turnover of more than $105 million, as reported by DEX Screener.

WaterCoin aims to create awareness of water concerns and positions itself as an ecological coin. The project's documentation outlines four phases, with the first being a pre-sale of the token, followed by a listing on a centralized exchange, a celebrity endorsement, and finally, establishing WaterCoin as a "charity-oriented environmental currency." The roadmap, however, lacks specific plans for achieving these goals, which could raise questions about the project's long-term sustainability.

During its pre-sale, Water was able to raise an estimated $42 million in SOL.

The team behind the memecoin has reportedly sent $200,000 in Bitcoin (BTC) to provide clean water for 4,000 people in Uganda and Ethiopia. Additionally, they have donated $240,000 equivalent of WaterCoin to various charities.

Messi's endorsement highlights the increasing involvement of celebrities in the cryptocurrency market. Such endorsements typically lead to higher levels of trading and public awareness of the promoted tokens. However, due to their high volatility and the fact that they are mostly used in speculation, such endorsements can lead to rapid price changes, even within a short period.

Blockchain and cryptocurrency present new opportunities for environmental protection. Their openness and community-based nature can enable trustless crowd-sourcing, organization, and on-chain validation for environmental causes.

For instance, in 2022, Samsung integrated blockchain solutions to monitor tree planting in Madagascar through Veritree, aiming to alleviate 1 billion pounds of carbon over 25 years.

The environmental concern that has been raised about Bitcoin has also brought attention to sustainable mining processes. Some practices include adopting renewable energy sources such as solar, geothermal, and nuclear energy. In this regard, El Salvador has been progressive, recently announcing that it had mined 474 Bitcoin with the help of geothermal energy from volcanoes.

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