Solana-based meme coin Water (WATER) has witnessed a remarkable 120% surge in its price, catapulting it into the trending category on Google.
As of the latest data from CoinMarketCap, WATER is trading at $0.00092, marking a 122% increase. The crypto asset’s 24-hour trading volume has also seen a substantial rise, jumping 243% to approximately $40 million. Its market capitalization currently stands at $82.23 million.
The token’s value skyrocketed nearly 400% within just three hours of Messi’s post, although it has since declined by 72% from its all-time high on June 25. Notably, a small group of wallets controls 35% of the token’s supply.
Bubblemaps, an on-chain analytics firm, has expressed concerns over the concentration of supply, cautioning investors to steer clear, but the enthusiasm sparked by Messi’s endorsement has overshadowed these warnings.
Meanwhile, another X user with the moniker yourfriendSOMMi alleged that the team behind the WATER coin managed to influence Lionel Messi’s marketing team to promote the coin despite Messi likely having little knowledge about cryptocurrencies or how they operate.
The user further claimed that the individuals behind WATER are the same ones involved with the BEER and TEA meme coins, previously accused of pulling off scams that resulted in over $40 million in losses.
Recently, there have been instances of hackers using celebrities’ social media accounts to promote meme coins, like those involving Sydney Sweeney and 50 Cent. However, Messi’s post appears to be legitimate as it remains online, and he has not reported any hacking.
WATER claims to aim for a “net-positive impact on the real world,” although specifics on how it intends to achieve this remain vague. The meme coin’s website mentions a partnership with the creators of another volatile Solana meme coin, BEER.
The meme coin’s website emphasizes that WATER has no intrinsic value or expectation of financial return. It also provides information on where the token can be bought and traded, listing platforms such as Bitget, BitMart, and MEXC.
Notably, other Solana-based meme coins with two-digit growth in the last 24 hours include Bonk (BONK) and Brett (BRETT).
