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  • Writer's pictureBrandon Zemp

Messi Memecoin Faces Backlash Over Alleged Insider Allocations

Messi Memecoin Faces Backlash Over Alleged Insider Allocations

Despite the temporary success in engaging soccer stars to promote their tokens, memecoin creators are unable to conceal the questionably centralized distribution of tokens through celebrity endorsements.

Following promotion from Argentinian soccer legend Lionel Messi, the price of WATER, a Solana-based memecoin, skyrocketed by 323% within a span of 10 hours.

On July 8, Messi posted a picture of WATER’s mascot on his shoulder to his 504 million Instagram followers. Followers of Messi promptly reacted, driving the price of WATER to a local peak of $0.0012 from an all-time low of $0.00028 on the same day, as reported by CoinGecko.

The next day, soccer star Gaúcho Ronaldinho posted a photo of himself wearing the cartoon mascot, which briefly boosted the token's price before stabilizing. WATER was last traded at $0.000894 with a market cap of $65 million. Nevertheless, the asset has plummeted by 67.6% from its peak in June, which occurred just one day after the token was introduced.

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