Soccer legend Ronaldinho Gaúcho has adopted within the footsteps of Lionel Messi by selling the Solana-based token WATER Coin (WATER) in an Instagram story on July 9.
The story featured a photograph of Ronaldinho with Water Coin’s mascot peeking over his shoulder and a tag of the token’s Instagram account.
Following this endorsement, WATER’s worth spiked 50% to $0.0012. Nonetheless, the token’s worth quickly fell under $0.0008, 71.6% decrease than its all-time excessive.
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The WATER undertaking claims to concentrate on elevating consciousness for water-related environmental points, resembling stopping deforestation. Its roadmap consists of presale, decentralized and centralized alternate itemizing, non-fungible token (NFT) assortment launch, superstar partnerships, and, finally, changing into a foreign money devoted to charitable efforts.
Regardless of its bold objectives, WATER has confronted criticism throughout the crypto neighborhood, with folks flagging it as a possible pump-and-dump scheme.
Including to the issues over the token’s legitimacy, blockchain knowledge service Bubblemaps reported that insiders maintain 30% of WATER.
This isn’t the primary time that Ronaldinho has been concerned in questionable crypto tasks. In August, he needed to testify earlier than a Brazilian congressional committee over an alleged $61 million crypto pyramid scheme often called “18K Ronaldinho,” which used the soccer star’s picture in its advertising.
Ronaldinho denied any affiliation with the undertaking, claiming he was additionally a sufferer, because the scammers used his picture with out permission. He mentioned:
It isn’t true I’m the founder and controlling companion of 18K Ronaldinho.
The WATER promotions come at a time when celebrities are more and more getting concerned with crypto. Pop artist Jason Derulo, rappers Iggy Azalea and Waka Flocka Flame, and former Olympian Caitlyn Jenner have all not too long ago launched their tokens.
There has additionally not too long ago been a surge in hacks of superstar social media accounts to advertise crypto, with rapper Doja Cat and actress Sydney Sweeney among the many victims.
Whereas superstar endorsements can quickly enhance the visibility and worth of cryptocurrencies, potential traders ought to train due diligence to keep away from falling sufferer to speculative schemes.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Conflict II period.With near a decade of expertise within the FinTech business, Aaron understands all the greatest points and struggles that crypto lovers face. He’s a passionate analyst who is worried with data-driven and fact-based content material, in addition to that which speaks to each Web3 natives and business newcomers.Aaron is the go-to particular person for all the things and something associated to digital currencies. With an enormous ardour for blockchain & Web3 schooling, Aaron strives to remodel the house as we all know it, and make it extra approachable to finish newbies.Aaron has been quoted by a number of established shops, and is a broadcast creator himself. Even throughout his free time, he enjoys researching the market developments, and on the lookout for the following supernova.
