Krutika Adani
The crypto $WATER surged 194% after Messi and Ronaldinho were seen promoting it. At press time, $WATER quoted a price of $0.000823.
Water is a Solana-based memecoin with a price of $0.0008 and a 24-hour trading volume of $6.5 million. The crypto has a market cap of $72.5 million.
Experts hint that $WATER might be a pump-and-dump scheme similar to $PLANET, which Messi also promoted. Planet has suffered a 90% decline since March this year.
Recently, the markets saw a wave of frauds in cryptocurrencies that were once promoted by top celebs, including 50 Cent, Hulk Hogan, Sydney Sweeney, and others.
Buying celeb-promoted coins only when they have a substantial market presence greatly reduces the risk of fraud.