Ronaldinho Gaúcho has become the latest soccer legend to promote the Solana-based token Water Coin (WATER) on Instagram, following a similar endorsement from Lionel Messi.
Ronaldinho’s Instagram Promotion
On July 9, Ronaldinho shared an Instagram story with his 76.6 million followers, featuring a photo of himself with Water Coin’s mascot peeking over his shoulder. The post tagged Water Coin’s Instagram account, bringing significant attention to the token.
Market Reaction
Following Ronaldinho’s post, WATER rallied 38.8% to $0.0012 within an hour, according to CoinGecko data. However, its price has since dropped below $0.00083, marking a 71% decline from its all-time high on June 26. Despite the recent drop, WATER’s price is still up 158% from Messi’s Instagram post on July 8, which featured a similar image.
Water Coin’s Mission and Roadmap
According to its website, Water Coin aims to raise awareness for water-related issues, supporting sustainable projects that prevent deforestation and improve water distribution in Africa. The roadmap outlines plans to form celebrity partnerships before transitioning into a charity-focused environmental token to achieve its goals.
Criticism and Concerns
Despite its philanthropic mission, Water Coin has faced criticism and skepticism within the crypto community. The Water Foundation reportedly kept 5% of the 88.88 billion WATER tokens for itself. YouTuber Ajay Kashyap and crypto commentator Ponga have flagged WATER as a potential pump-and-dump token, urging caution among investors.
Ronaldinho’s Past Involvement in Crypto Scandals
Ronaldinho, a Brazilian national, has previously appeared before a Brazilian parliamentary committee inquiry over an alleged $61 million crypto pyramid scheme named “18kRonaldinho.” The scheme promised 2% daily returns to investors and used images of Ronaldinho in its marketing. Ronaldinho denied any involvement, stating that the project used his likeness without permission, and he was also a victim.
High-Profile Crypto Endorsements
Ronaldinho’s endorsement is part of a broader trend of high-profile figures promoting crypto tokens. Former Olympian Caitlyn Jenner and UFC fighter Khazmat Chimaev have also launched and promoted their own tokens. Chimaev recently uploaded a video to his Instagram promoting the Khazmat Chimaev (SMASH) token but later claimed no involvement with the memecoin. Crypto sleuth ZachXBT noted that the SMASH token distribution had characteristics of a pump-and-dump scheme, with the SMASH team allegedly owning 78% of its supply.
| Celebrity | Token Promoted | Nature of Involvement | Controversy |
|---|---|---|---|
| Ronaldinho Gaúcho | Water Coin (WATER) | Instagram promotion | Allegations of pump-and-dump |
| Lionel Messi | Water Coin (WATER) | Instagram promotion | Allegations of pump-and-dump |
| Caitlyn Jenner | Various tokens | Launch and promotion | None reported |
| Khazmat Chimaev | Khazmat Chimaev (SMASH) | Instagram promotion (claimed no involvement later) | Allegations of pump-and-dump, team owning 78% |
The surge in celebrity endorsements of cryptocurrencies highlights the need for investor caution. While celebrity backing can bring visibility and credibility, it does not necessarily guarantee the legitimacy or stability of a token. Investors are advised to conduct thorough research and exercise caution, especially in cases where tokens exhibit characteristics of pump-and-dump schemes.
Ronaldinho’s endorsement of Water Coin, following Messi’s promotion, underscores the growing trend of celebrity involvement in the cryptocurrency space. While such endorsements can significantly impact market sentiment and token prices, they also raise concerns about the potential for manipulation and the legitimacy of the projects involved. Investors should remain vigilant and informed when considering investments in celebrity-promoted cryptocurrencies.
Featured image credit: Nux123 via GoodFon