Lionel Messi joins the celebrity memecoin bandwagon

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Soccer legend Lionel Messi has made waves by promoting a Solana-based memecoin called WaterCoin (WATER) on his Instagram Stories. 

WaterCoin claims to focus on raising awareness and providing solutions for ecological issues, particularly water-related problems. According to its documentation, the project aims to become a "full-fledged ecological coin" in the future.

However, beyond this high-level overview, details on how WaterCoin plans to achieve these ambitious goals are scarce. This lack of specificity has led some to question the project's viability and long-term prospects.

Critics have alleged that the token's price action exhibits characteristics of "pump and dump" mechanics, a common problem in the memecoin space. The price chart shows significant volatility, with sharp rises followed by steep declines.

@bubblemaps also claimed that 30% of the supply is controlled by insiders based on their data and the number has gone up to 48% at the time of writing. 

What are your thoughts on this? 🤔


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