As an experienced analyst, I’ve seen my fair share of cryptocurrency market trends and hype surrounding various projects. The recent surge of Water (WATER), a meme coin based on the Solana blockchain, has certainly piqued my interest. With a remarkable 120% price increase within a short period, WATER has made its way into the trending category on Google and other platforms.
The price of Water (WATSER), a meme cryptocurrency built on the Solana blockchain, has experienced a significant jump of approximately 120%, propelling it to become a popular search term on Google.
According to the most recent figures from CoinMarketCap, the value of WATER is now at $0.00092, representing a significant gain of 122%. The asset’s trading volume for the past 24 hours has also experienced a considerable surge, reaching around $40 million – an increase of approximately 243%. Currently, its market capitalization totals $82.23 million.
The explosive growth in the meme coin WATER can be explained by football legend Lionel Messi publicly endorsing it to his massive Instagram audience of 504 million, according to recent reports from crypto.news.
As an analyst, I’ve observed an astonishing surge in the token’s value, with an approximately 400% increase occurring within a mere three-hour window following Messi’s post. However, it’s important to note that since then, there has been a significant decline of around 72% from its peak on June 25th. A striking finding is that roughly one-third (35%) of the token’s entire supply is held by a select group of wallets.
The warning from on-chain analysis company Bubblemaps about the high concentration of supply in a certain investment has been overlooked due to the excitement generated by Messi’s endorsement.
As an analyst, I’d rephrase that statement as follows: I’ve analyzed a recent development where Messi, with a following of 500 million people on social media, has endorsed $WATER. It’s important to note that approximately 30% of its supply is currently held by insiders. My recommendation would be for potential investors to closely consider this information before making any decisions, as the price could potentially be driven towards zero due to the significant influence Messi holds over his audience.
— Bubblemaps (@bubblemaps) July 8, 2024
While a different individual using the handle yourfriendSOMMi on the X platform made an accusation, claiming that the people behind WATER coin successfully persuaded Lionel Messi’s marketing team to endorse their coin without Messi possibly being aware of cryptocurrencies or how they function.
The individuals responsible for the $WATER cryptocurrency scam successfully manipulated Lionel Messi’s marketing team and managers to promote their coin. It’s highly likely that Messi himself is unfamiliar with crypto functioning and usage. Previous to this, the same deceitful group had orchestrated the rug pull incidents for BEER and TEA coins, stealing funds from unsuspecting investors.
— yourfriendSOMMI ❤️💛💚💙 (@yourfriendSOMMI) July 8, 2024
The user added that those responsible for WATER also have ties to BEER and TEA meme coins, which have been previously suspected of orchestrating scams causing over $40 million in damages.
Lately, there have been occurrences of hackers exploiting the social media platforms of celebrities, such as Sydney Sweeney and 50 Cent, to publicize meme coins. In contrast, Messi’s post seems genuine since it stays up without any reported hacking incidents from his end.
Water asserts that its goal is to create a positive environmental influence, going beyond neutrality. However, the details about how it plans to accomplish this are currently unclear. The Water project’s website announces a collaboration with the team behind another popular Solana meme coin, Beer.
As a crypto investor, I’d put it this way: The WATER meme coin’s website clearly states that it holds no inherent worth or financial profit expectations. Yet, it generously offers guidance on purchasing and trading this token through various platforms like Bitget, BitMart, and MEXC.
Significantly, among meme coins built on the Solana blockchain, Bonk (BONK) and Brett (BRETT) have experienced double-digit percentage growth in the previous 24 hours.
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2024-07-09 11:38