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Solana memecoin Water is the latest phenomenon to hit the degen market. With the support of Lionel Messi and Ronaldinho, its price has surged over 350% following Instagram posts from the football legends. But what is Water and does its presence signify a wider meaning for the Solana ecosystem?
Like most memecoins, Water's price has been extremely volatile. Shortly after Messi posted about Water on his Instagram story, the token's price surged 350%. Ronaldhino's post also contributed to a small bump in its price.
However, Water's price has since erased those gains, slipping 30% in the past 24 hours. Not exactly uncommon memecoin behaviour though.
Charity Token
According to the project's website, Water features "Global charity and research initiatives that will drive attention of millions of people," and aims to "have a net-positive impact on real world with the help of charity." However, the website does not detail how it plans to achieve this.
🚀 One of the most hyped coins of recent times, $WATER, aims to solve real-world problems by leveraging Web3 technology.
— BlockTalks (@HiBlockTalks) July 5, 2024
🔥 With over 13 billion coins burned to increase scarcity, $WATER is planning a huge marketing push in the coming days.
🔍 Check it out at @WaterMemecoin! 💧 pic.twitter.com/gL1O8EihGB
"Our goal is to create the cleanest and most ethical platform in the crypto space, treating our community with fairness and transparency," the website states.
Water token holders also have the opportunity to win a getaway trip to the Maldives or Iceland or their own private jet or a world cruise.
"Our token exists to ensure fair asset redistribution among holders while also supporting charitable causes. With $WATER, you can contribute to helping others without any personal loss," the website continues.
Celebrity Power
Messi and Ronaldinho aren't the first celebrities to promote Solana memecoins and certainly won't be the last. Earlier this year, Caitlyn Jenner launched 12 memecoins on Solana within just four days, netting profits of $405,000 over the brief period.
Meanwhile, Iggy Azalea's $MOTHER memecoin made $194 million in one week. “I don’t think peace is very profitable when it comes to the landscape of memecoins,” Azalea said in an interview with Fortune. “It’s what drives virality, it drives my community, and it drives our market cap, and that’s what I’m here to do. So respectfully, get out of the way.”
He was just hangry pic.twitter.com/AlTwEtfIKd
— IGGY AZALEA (@IGGYAZALEA) June 5, 2024
Messi's endorsement of Water is likely due to the memecoin being available on Bitget, which the Argentinian has been partnered with since October 2022.
However, despite the reach of celebrities, relying on A-listers isn't a fool-proof system. With the likes of Azalea cashing in on her tokens, sceptics believe celebrities might just be backing the tokens for quick cash (not that they need it).
"Third token scam that Messi promotes," onchain analyst Ericonomic said on X. "This time it's Water. They will probably rug soon so make yourself a favour and dont buy that sh*t."
Third token scam that Messi promotes:
— Ericonomic (@ericonomic) July 8, 2024
- The first one was Leafty, which was a rug (they removed the liquidity like 5 days later lol)
- The second one was PLANET, an slow rug that is like -90% since that promotion
- This time it's Water. They will probably rug soon so make… pic.twitter.com/YbwA5u3QXh
"The scammers behind $WATER coin were able to bribe Lionel Messi marketers & managers to convince him to shill WATER," said another sceptic. "99% sure Messi has no idea how crypto works, or how to use any of this stuff."
❤💛💚💙
— yourfriendSOMMI ❤️💛💚💙 (@yourfriendSOMMI) July 8, 2024
The scammers behind $WATER coin were able to bribe Lionel Messi marketers & managers to convince him to shill WATER.
99% sure Messi has no idea how crypto works, or how to use any of this stuff.
The scammers behind WATER were the ruggers behind BEER and TEA, who stole… pic.twitter.com/l3eSDuVjM9
Solana vs Ethereum
Solana has long been known as the "Ethereum Killer," at least by SOL bulls, and 2024 seems to be the year of SOL. Up almost 600% over the year, SOL's price gains simply dwarf ETH's measly 67% increase.
SOL's impressive price gain isn't without substance either. Its ecosystem is finally proving its worth and for better or worse, is becoming a sustainable breeding ground for memecoin projects.
Blockhead
Data from CoinMarketCap (CMC) shows that Solana-based memecoins outperformed Ethereum-based memecoins by almost 8x this year. Solana's $MEW has grown 19,539% compared to Ethereum's $MOG, which topped out at 3484%.
On average, SOL memecoins returned an average of 8,469% compared 962% to ETH.
"This is likely due to the rush of speculative capital from other chains, attracted by the explosive rallies of WIF and BONK, causing more memes to pump and attracting even more capital and attention," CMC said.
Whether Water can continue to offer its investors as high a return as its SOL memecoin peers is yet to be seen but its attention thus far is yet another point in Solana's corner. Even if Water goes to zero, the attention drawn to the Solana memecoin solidifies the Solana blockchain as attention-worthy.
Elsewhere
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