On Monday, Lionel Messi, known as the football GOAT shared an Instagram story endorsing the Solana memecoin WATER with his 504 million followers. This endorsement caused the token’s price to surge nearly 400% in just three hours, although it has since fallen 80% from its all-time high.
Concerns have been raised about the concentration of the token’s supply, with an on-chain tracker, Bubblemaps, noting that a group of wallets controls 35% of WATER. Despite these warnings, many investors were influenced by Messi’s post and decided to buy the token.
Hackers are said to have recently accessed celebrity profiles in order to advertise meme currencies. The celebrities deleted every post from their profiles, even those unrelated to token-shilling, as soon as they were able to regain access to their accounts.
Two well-known examples are the musician 50 Cent and the actress Sydney Sweeney. But Messi doesn’t seem to be the exception. The Instagram story about the football player is still live as of this writing, and Messi made no claims about being hacked.
WATER claims its mission is to promote a “net-positive impact on the real world,” although specifics are not provided. In the past 24 hours, WATER’s trading volume has approached $97 million, with a market cap exceeding $80 million.
Additionally, other Solana-based meme coins like Zazu (ZAZU), Zoomer (ZOOMER), and Jeo Boden (BODEN) have also seen significant price increases of 63%, 29%, and 16%, respectively.
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