Solana-based memecoin WATER saw a brief value surge after football legend Ronaldinho promoted it on Instagram, following Lionel Messi’s endorsement on Monday. The promotion pushed WATER’s value up by over 200% on Tuesday before it retraced to a 2.4% increase, with a $69 million market cap by Wednesday.
The project aims to support charitable causes, such as aiding flood victims in Ukraine and providing clean water in Uganda and Ethiopia. Despite these claims, verification is pending. WATER, created with the BEER memecoin team, emphasizes combating deforestation and improving water distribution in Africa but lacks detailed execution plans.
A standout feature is the promise of a publicly accessible wallet for tracking donations, ensuring transparency. The project’s spokesperson mentioned potential funding through market-making fees. WATER’s brief surge shows the significant influence of celebrity endorsements in the crypto space, underscoring the strategic importance of visibility in the market.
