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Discover the Risk Behind the Unknown Cryptocurrency That Messi Skyrocketed in Hours
Lionel Messi has created quite a stir by promoting Water (WATER), a memecoin based on the Solana (SOL) network. As soon as the soccer star posted about the cryptocurrency on Instagram, the market went wild. In just a few hours, Water’s value skyrocketed by 350%.
With over 504 million followers, Messi has a reach few can match. His post described Water as “completely useless” with no expectation of financial return. Ironic, right? In an era where cryptocurrencies are often linked to promises of quick riches, what could have gone through the Argentine star’s mind when he promoted a coin he himself called useless?
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The initial reaction was one of shock and disbelief. Many suspected that Messi’s account had been hacked. After all, it wouldn’t be the first time a celebrity had been targeted by hackers looking to wreak havoc on the financial market. However, the post remained online, with no further comment from Messi’s team. Did Messi really believe in Water’s potential, or was it part of a larger plan, perhaps a publicity stunt?
Water, which keeps its creators’ information secret, has already been viewed with suspicion. Bubblemaps revealed that 30% of the cryptocurrency’s supply is controlled by insiders. This has raised huge alarm bells for many investors. Memecoins are inherently volatile and risky, but the lack of transparency and concentrated control of the tokens elevates the risk to a whole new level.
Messi is no newcomer to the cryptocurrency world. He’s previously partnered with projects like Socios.com and Bitget, and has become an ambassador for Planet, an initiative that uses blockchain technology to support social and sustainability causes. So, his foray into cryptocurrency isn’t entirely surprising, but choosing Water as the next big thing to promote has certainly raised some eyebrows.
Investing in memecoins like Water can be compared to a risky shot in football: exciting, full of potential, but extremely risky. One moment you are on top, the next you could be dealing with devastating losses. The lack of underlying utility and high speculation make these assets volatile. Price spikes in memecoins are usually not related to their actual utility, but to speculation and hype. Despite this, many traders are willing to take these risks in the hope of quick profits.
The promotion of cryptocurrencies by celebrities like Messi reflects the power of their influence on the market. But it also raises important questions about ethics and responsibility. By promoting a “completely useless” memecoin, Messi may be inadvertently encouraging his followers to invest in something extremely risky. The popularity of these coins often draws the attention of regulators, with growing concerns about investor protection.
Water promises to raise awareness about water issues and evolve into an eco-friendly cryptocurrency. Its creators have outlined an ambitious roadmap: an initial presale, listing on centralized exchanges, celebrity partnerships, and eventually becoming a “charity-focused environmental coin.” However, the lack of details on how these goals will be achieved is concerning. The association with Beercoin, another memecoin that experienced high volatility in June, does little to ease concerns.
However, Water has managed to become one of the most talked about topics. While some see Messi’s promotion as a masterstroke, others warn of the dangers of blindly following celebrity endorsements. The morning after the post, the buzz around Water remained strong, with various profiles posting messages linking Messi to the crypto project.
How much can we trust recommendations from public figures? Messi’s endorsement highlights the impact celebrities can have on the market, but it also underscores the need for caution. Investors should always do their own research and understand the risks involved before diving in.