Solana’s $WATER meme coin experienced a wild ride this week, skyrocketing over 350% after endorsements from soccer legends Lionel Messi and Ronaldinho Gaucho. The water-themed token, launched on the Solana blockchain, has a stated mission of environmental protection and charitable giving. However, the sudden surge has sparked a debate, with some analysts questioning the project’s long-term viability.
Messi’s promotion on his Instagram story ignited the rally. Market observers were quick to react, with Alex Kruger, a prominent commentator, calling it “wild” on the social media platform. Ronaldinho followed suit a day later, further fueling the token’s price.
According to the WATER website, the project aims to be more than just a meme coin. It claims to promote fair distribution among holders while supporting charitable causes. This aligns with the vision expressed by Ethereum co-founder Vitalik Buterin, who sees potential in meme coins contributing to positive social impact.
Optimists believe the rally has room to run. Some analysts project a potential doubling of the price if WATER can establish support above $0.001. However, a cloud of skepticism hangs over the project.
Concerns about a potential “pump and dump” scheme are swirling. Critics point to Messi’s past endorsement of $PLANET, a token that experienced a 90% decline following his promotion in March 2024. Additionally, the project’s X account, with a sizeable following, has been inactive since its creation last month, raising red flags for some.
As of today, $WATER trades around $0.0009, with a modest 3% gain in the last 24 hours. While the initial hype remains, the lingering doubts could dampen market sentiment and lead to a correction. With mixed signals, investors considering $WATER should exercise caution and conduct thorough research before making any investment decisions.