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Argentinian soccer legend Lionel Messi has caused a stir in the cryptocurrency community by presumably getting involved in the launch of a meme coin.
What Happened: Out of nowhere, Lionel Messi’s Instagram account posted a story on Monday promoting the Solana meme coin WATER, according to The Block.
Messi’s Instagram, boasting 504 million followers, is the second-most followed account after Cristiano Ronaldo. The WATER meme coin’s Instagram account with over 185,000 followers also shared the story, featuring a picture of Messi with the logo. No posts were visible as of Monday afternoon.
WATER briefly surged to a valuation of over $1 billion but has since lost over 90% of its value, trading around $65 million at the time of writing.
Without further confirmation from Messi or his team, the promotion mirrors a similar incident involving Hulk Hogan last month. The WATER website claims it was created in partnership with the creators of the Solana (CRYPTO: SOL) meme coin BEER, which saw extreme volatility last month.
Why It Matters: The unexpected promotion of WATER by Messi’s Instagram account follows the trend of celebrity-endorsed meme coins. Several high-profile figures have been involved in similar promotions. The involvement of figures like Caitlyn Jenner and Soulja Boy in the promotion of digital assets has added to the speculation and volatility in the market. Posts promoting Hulk Hogan’s meme coin were quickly removed after launch.
In June 2024, Ethereum co-founder Vitalik Buterin expressed concerns about the rise of celebrity-backed meme coins. He emphasized the need for the crypto community to focus on projects that offer real value rather than chasing the latest fad.
Previously, a report highlighted the potential impact of celebrity meme coins on the broader cryptocurrency market. Historical trends suggest that the involvement of celebrities often coincides with market peaks. The recent surge and subsequent drop in WATER’s value following Messi’s post is a testament to this phenomenon.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Image: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Posted In: $SOL
