Lionel Messi is promoting a Solana network-based meme cryptocurrency token via his Instagram account

Lionel Messi, one of the greatest footballers of all time, has shown increasing interest in the world of cryptocurrencies. Leveraging his massive global influence, Messi has recently begun promoting various digital assets.

Lionel Messi, one of the greatest footballers of all time, has shown increasing interest in the world of cryptocurrencies. Recently, Messi has begun promoting various digital assets, leveraging his massive global influence.

On 8 July 2024, a crypto X (formerly Twitter) user alerted the crypto community that Lionel Messi is currently promoting the $Water token, a Solana network-based meme crypto token, through his Instagram account.

Messi is now shilling solana memecoins. Via his Instagram stories. This is wild.

pic.twitter.com/qbr6Vk7yum

According to this person, the $WATER token is essentially a shitcoin as the backers of this project are dumping it on the investors.

A proper shitcoin. Look at that chart. When price dips below initial price, that is because insiders are dumping.

pic.twitter.com/qoRdxiElff

As per the available data by the WaterCoin project team, the roadmap of this meme token outlines four stages: the initial presale of the token, centralized exchange listings, celebrity partnerships, and the final phase of becoming a “charity-focused environmental currency.”

However, the roadmap lacks detailed plans on how these goals will be achieved. Moreover, the token’s price action has shown patterns typical of “pump and dump” schemes.

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Water token price action

The current trade price of $Water token is $0.001175 & this price is 261% high over the last 24 hours.

Meme token risks

Investing in meme tokens is very risky as their prices often skyrocket without any real purpose or use. But despite this fact, many traders still take big risks in the hopes of making huge profits. The popularity of meme tokens has caused debate in the crypto world, with some people saying they give cryptocurrencies a bad reputation and attract unwanted attention from regulators.

Also read: Scammers Are Actively Conducting Fraud Using The “Solana Meme Token Trend”

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