After Messi, Ronaldinho also joined the memecoin craze!

The value of the popular memecoin WATER rose by 40% after being shared on the Instagram account of Argentine superstar, followed by Ronaldinho.

Football legend Ronaldinho Gaúcho, following a similar post made from Lionel Messi's X account yesterday, introduced the Solana memecoin Water Coin (WATER) on Instagram. On July 9th, Ronaldinho shared a photo on his Instagram story, where the mascot of WATER is seen over his shoulder, and his account is tagged, to his 76.6 million followers.

According to CoinGecko data, WATER rose 38.8% to $0.0012 an hour after Ronaldinho's post. However, it immediately dropped below $0.00083. As of this writing, the WATER price is about 70% below its all-time high on June 26th.

Like Ronaldinho's post, WATER price had increased by 158 percent after Messi's Instagram post on June 8th. According to the Water Coin website, it focuses on raising awareness about water-related issues, including supporting sustainable projects that prevent drought and help distribute water in Africa.

On the other hand, there are some claims about WATER. It is alleged that the WATER Foundation only distributed 5% of its 88.88 billion WATER tokens to themselves, while YouTuber Ajay Kashyap is among those who describe WATER as a potential pump-and-dump token.

Cryptocurrency analyst Ponga asked, "Is this real or another pump and dump nonsense?" and added, "Be cautious, kids."

Famous figures have started releasing tokens one by one

Brazilian citizen Ronaldinho was involved in a Brazilian parliamentary committee investigation in August over an alleged $61 million crypto system using his name. A Ponzi scheme called "18kRonaldinho" used images of the retired football star in its marketing images while promising investors 2% daily returns.

Ronaldinho denied being involved in the pyramid scheme, stating that he was a victim as his images were used without permission.

Many high-profile figures, including former Olympian and television personality Caitlyn Jenner, have recently released their own crypto tokens.

UFC fighter Khazmat Chimaev recently uploaded a video to his Instagram introducing a crypto token (Khazmat Chimaev (SMASH)) using his own name, but later claimed that he has no relationship with any memecoin.

According to crypto researcher ZachXBT, the SMASH token distribution had the characteristics of a pump-dump scheme and it was claimed that the SMASH team owned 78% of the supply.

This article does not contain investment advice or recommendation. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.