Solana meme coin ‘Water’ soars 350% after Messi’s Instagram post 

Solana-based meme coin ‘Water’ rose as much as 360% on Monday after the Instagram account of football star Lionel Messi posted a picture promoting the token. The price of ‘Water’ soared from $0.00031 to $0.00147 after the post but has since pared most of those gains, as of writing.

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Messi’s post to his 504 million Instagram followers featured a picture of himself alongside the Water token logo but did not provide further information. The founders of Water wrote on their official Telegram page that the footballer “has become the first celebrity to publicly support” the meme coin. The team has been teasing such a deal in recent days.

Water token struggles to keep head above water

According to the project website, the Water memecoin “aims to have a net-positive impact on the real world with the help of charity.” The team claims to have so far donated $200,000 worth of Bitcoin (BTC) to help 4,000 people in Uganda and Ethiopia to get access to clean water. It also said that it donated $240,000 worth of Water to several charities.

The first time ever Messi is promoting a Memecoin via Instagram $WATER , IS THAT MESSIS MEMECOIN?! pic.twitter.com/h0SxKTCrqq

— WALL STREET BINANCE (@Wallstreet_bnb) July 8, 2024

The token was launched in late June by the team behind Beer, a Solana meme coin that once reached $1 billion in market capitalization. Water’s presale was over-subscribed and the token hit $500 million in market cap. However, it has struggled to keep its head above the water ever since.

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The price of Water has slumped more than 70% since a high of around $0.00264 on June 26, per CoinGecko data. After the seeming Messi endorsement, the meme coin spiked over 360% and briefly crossed $100 million in total market value. At Press time, Water has lost most of those gains and is down 20% at $0.00075 on the day.

Earlier last month, professional wrestler Hulk Hogan distanced himself from a meme coin named after him, which was promoted on his X account. Initially, the “fake” endorsement caused the Hogan meme coin to skyrocket. But After Hulk Hogan’s denial, the coin’s market cap crashed from $17 million to $2 million within minutes.

Cryptopolitan Reporting by Jeffrey Gogo