Ronaldinho Gaúcho, the famed soccer legend, has become the latest sports icon to promote the Solana token Water Coin (WATER) on social media. Following Lionel Messi’s endorsement, Ronaldinho’s Instagram post led to a temporary spike in the token’s value.
Ronaldinho’s Endorsement and Market Reaction
On July 9, Ronaldinho shared an Instagram story to his 76.6 million followers, featuring a photo of himself with Water Coin’s mascot. The story tagged Water Coin’s official Instagram account. This endorsement caused WATER to surge by 38.8%, reaching $0.0012 within an hour. However, the token’s price soon fell below $0.00083, according to CoinGecko data. Currently, WATER is down 71% from its June 26 all-time high.
Water Coin’s Mission and Controversy
Water Coin aims to raise awareness for water-related issues, supporting sustainable projects that combat deforestation and improve water distribution in Africa. Its roadmap includes plans for celebrity partnerships before transitioning into a charity-focused environmental token.
Despite its noble goals, the token has faced criticism. YouTuber Ajay Kashyap and crypto commentator Ponga have flagged WATER as a potential pump-and-dump scheme. Ponga cautioned, “Stay cautious boys,” highlighting the risk of such tokens.
Ronaldinho’s History with Crypto Scams
Ronaldinho has previously been linked to a crypto scam. In August, he appeared before a Brazilian parliamentary committee regarding an alleged $61 million crypto pyramid scheme, “18kRonaldinho,” which used his likeness. The scheme promised investors 2% daily returns and featured images of Ronaldinho in its marketing. He denied any involvement, claiming his likeness was used without permission.
Celebrity Influence in Crypto
High-profile figures frequently promote crypto tokens. Former Olympian Caitlyn Jenner and UFC fighter Khazmat Chimaev are among the notable names involved. Chimaev promoted a token named after himself, Khazmat Chimaev (SMASH), but later denied involvement. Crypto investigator ZachXBT noted that the SMASH token’s distribution resembled a pump-and-dump scheme, with the team allegedly holding 78% of the supply.
