Solana-based memecoin WATER experienced a brief surge in value after another football legend promoted it on social media, before retracing its gains.
On Tuesday, former Brazilian football star Ronaldinho Gaucho promoted the so-called charitable memecoin Water (WATER) on Instagram. Ronaldinho was the second sporting legend to post about WATER on Instagram stories, following Lionel Messi, who was unveiled as an official representative on Monday.
Water has stacked two globally recognized athletes and celebrities within two days, but little is known about the project’s plan to support charitable causes.
According to WATER’s official website, the token was created in partnership with the BEER memecoin team and “stands out with a clear purpose,” unlike other memecoins. The project said combating deforestation and improving water distribution in Africa are top priorities. However, details about achieving these goals and the funding source have yet to be shared.
Another excerpt from the website notes that a publicly known wallet address would be shared for observers to track donations and campaign disbursements. The pseudonymous team added, “WATER is a meme coin with no intrinsic value or expectation of financial return. WATER is completely useless and for entertainment purposes only.”
It’s unclear how close the ties between the Brazilian and Water memecoin are going by a single social media post. Ronaldinho previously denied involvement in a crypto scam leveraging his identity last year.
After Messi and Ronaldinho had amplified the token to nearly 600 million users combined, Water jumped by over 200% on Tuesday per DEX Screener. By Wednesday, WATER had returned much of its gains and was up a modest 2.4%, hovering around a $69 million market cap.
