Solana-based memecoin WATER skilled a short surge in worth after a second soccer icon promoted the venture on social media, earlier than retracing again to ranges seen on Monday.
On Tuesday, former Brazilian soccer star Ronaldinho Gaucho promoted the so-called charitable memecoin Water (WATER) on Instagram. Ronaldinho was the second sporting legend to publish about WATER on Instagram tales, following Lionel Messi, who was unveiled as an official consultant on Monday.
Water has stacked two globally acknowledged athletes and celebrities inside two days, however little is understood in regards to the venture’s plan to help charitable causes.
In response to a remark request from crypto.information, a venture consultant mentioned WATER has engaged in a plethora of initiatives, together with mitigating the aftermath of the huge floods in Southern Ukraine, serving to educate native communities in Northern Brazil, and offering 4,000 folks in Uganda and Ethiopia with clear water. At press time, crypto.information had not verified these claims.
In line with WATER’s official web site, the token was created in partnership with the BEER memecoin workforce and “stands out with a transparent goal,” in contrast to different memecoins. The venture mentioned combating deforestation and enhancing water distribution in Africa are high priorities. Nonetheless, particulars about reaching these objectives and the funding supply have but to be shared.
“Proper now, we’re trying into the boundaries of the chances offering a whole bunch of hundreds of {dollars} to have a transparent and direct influence in a number of locations around the globe,” a WATER spokesperson instructed crypto.information in a non-public observe. The consultant added the workforce has a number of methods of producing cash, together with market-making charges.
One other excerpt from the web site notes {that a} publicly identified pockets deal with can be shared for observers to trace donations and marketing campaign disbursements. The pseudonymous workforce added, “WATER is a meme coin with no intrinsic worth or expectation of monetary return. WATER is totally ineffective and for leisure functions solely.”
It’s unclear how shut the ties between the Brazilian and Water memecoin are going by a single social media publish. Ronaldinho beforehand denied involvement in a crypto rip-off leveraging his identification final yr.
After Messi and Ronaldinho had amplified the token to just about 600 million customers mixed, Water jumped by over 200% on Tuesday per DEX Screener. By Wednesday, WATER had returned a lot of its good points and was up a modest 2.4%, hovering round a $69 million market cap.
