World football legend Lionel Messi promotes new cryptocurrency WaterCoin
World football legend Lionel Messi is making a bold move into the cryptocurrency world by promoting a new meme coin called WaterCoin (WATER) through his Instagram stories. This token is built on the Solana blockchain and focuses on environmental goals, as emphasized by its core message.
Focus on Environmental Issues
WaterCoin is positioned as a project aimed at drawing global attention to water resource issues. According to documentation, the project plans to launch global marketing and social campaigns focused on discussing environmental issues and announcing collaborations with major global charitable organizations and influential personalities.
Challenges and Controversy
The project has faced challenges, with initial trading operations on decentralized exchanges Raydium and Jupiter in June accompanied by suspicious transactions. Analysts from Lookonchain flagged insider actions, leading to a sharp drop in token prices and accusations of being a «real shitcoin» by economist Alex Krüger.
Regulatory Attention
Celebrities creating and promoting meme coins on the Solana platform may face legal consequences, as attention from the SEC towards meme tokens is increasing. Several famous figures including Caitlyn Jenner, Iggy Azalea, and Jason Derulo have already released their tokens, attracting regulatory scrutiny.
Kim Kardashian and Paul Pierce have faced penalties for illegal cryptocurrency promotion. As meme coins continue to attract attention both from investors and regulatory bodies, the market remains susceptible to risks and volatility, with potential for collective lawsuits if a large number of investors suffer losses.
