Soccer legend Ronaldinho Gaúcho has adopted within the footsteps of Lionel Messi by selling the Solana-based token WATER Coin (WATER) in an Instagram story on July 9.
The story featured a photograph of Ronaldinho with Water Coin’s mascot peeking over his shoulder and a tag of the token’s Instagram account.
Following this endorsement, WATER’s worth spiked 50% to $0.0012. Nonetheless, the token’s value quickly fell beneath $0.0008, 71.6% decrease than its all-time excessive.
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The WATER challenge claims to concentrate on elevating consciousness for water-related environmental points, akin to stopping deforestation. Its roadmap consists of presale, decentralized and centralized trade itemizing, non-fungible token (NFT) assortment launch, superstar partnerships, and, finally, turning into a forex devoted to charitable efforts.
Regardless of its formidable targets, WATER has confronted criticism inside the crypto neighborhood, with individuals flagging it as a possible pump-and-dump scheme.
Including to the issues over the token’s legitimacy, blockchain knowledge service Bubblemaps reported that insiders maintain 30% of WATER.
This isn’t the primary time that Ronaldinho has been concerned in questionable crypto tasks. In August, he needed to testify earlier than a Brazilian congressional committee over an alleged $61 million crypto pyramid scheme often known as “18K Ronaldinho,” which used the soccer star’s picture in its advertising and marketing.
Ronaldinho denied any affiliation with the challenge, claiming he was additionally a sufferer, because the scammers used his picture with out permission. He stated:
It isn’t true I’m the founder and controlling accomplice of 18K Ronaldinho.
The WATER promotions come at a time when celebrities are more and more getting concerned with crypto. Pop artist Jason Derulo, rappers Iggy Azalea and Waka Flocka Flame, and former Olympian Caitlyn Jenner have all lately launched their tokens.
There has additionally lately been a surge in hacks of superstar social media accounts to advertise crypto, with rapper Doja Cat and actress Sydney Sweeney among the many victims.
Whereas superstar endorsements can briefly enhance the visibility and worth of cryptocurrencies, potential buyers ought to train due diligence to keep away from falling sufferer to speculative schemes.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Warfare II period.With near a decade of expertise within the FinTech trade, Aaron understands all the largest points and struggles that crypto fanatics face. He’s a passionate analyst who is worried with data-driven and fact-based content material, in addition to that which speaks to each Web3 natives and trade newcomers.Aaron is the go-to individual for every part and something associated to digital currencies. With an enormous ardour for blockchain & Web3 schooling, Aaron strives to rework the house as we all know it, and make it extra approachable to finish freshmen.Aaron has been quoted by a number of established shops, and is a broadcast writer himself. Even throughout his free time, he enjoys researching the market tendencies, and on the lookout for the subsequent supernova.
