Water Meme Coin Surges Nearly 200% after Messi’s Instagram Story

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As an experienced analyst, I’ve seen my fair share of market movements driven by celebrity endorsements, and the current surge in WATER meme coin is no exception. The impact of Lionel Messi’s Instagram story cannot be underestimated, as evidenced by the remarkable price increase and trading volume surge. However, I would like to issue a word of caution based on my past observations.

Lionel Messi’s recent Instagram post has ignited a stunning 197.85% price increase for Water (WATER), a meme coin built on the Solana blockchain. At present, the coin is changing hands at $0.0009113.

The remarkable growth of WATER has propelled it into Google’s trending list. Beyond its value increase, this crypto asset is witnessing significant activity, leading to a substantial rise in its 24-hour trading volume – up by around 136.86% to nearly $35 million. Furthermore, the coin’s market capitalization, currently at $81 million, underscores an extensive surge for WATER, the popular meme token.

Lionel Messi Influences WATER Token despite Expert Warnings

Previously mentioned, the recent spike in the value of meme coin WATER can be attributed to football icon Lionel Messi’s influence. With a massive following of over 500 million people on Instagram, Messi shared an image of the Solana-based token on his story. In the ensuing three hours, the token experienced a remarkable surge, recording approximately 400% increase in value.

The coin has lost around half of its initial advances but remains in the green zone, surpassing the performance of every other coin by a considerable margin at present.

During this time, it’s important to mention that Messi’s endorsement emerges as a cautionary note regarding the distribution issues surrounding the meme coin. For example, on-chain analysis firm Bubblemaps has strongly advised investors to avoid investing in the project due to its heavily concentrated supply.

A user who identifies as yourfriendSOMMi, an X user, asserted that there’s a 98% likelihood Messi is uninformed about cryptocurrencies. This individual added that the WATER coin’s creators may have successfully persuaded Messi’s marketing team to publicize the coin without Messi needing deep knowledge of its workings or specifics.

The user claimed that the group responsible for creating WATER had potential connections to the teams behind both the BEER and TEA meme coins. Reportedly, these teams were suspected of orchestrating scams resulting in over $40 million in financial damages.

As a crypto investor, I’ve noticed an intriguing trend among hackers lately: they’ve been utilizing celebrities’ social media accounts to hype up meme coins. Sydney Sweeney and 50 Cent are just two recent examples that come to mind. However, Messi’s post still graces his page, putting those rumors of a hack to rest.

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2024-07-09 16:43