Messi’s post to his 504 million Instagram followers showed himself next to the Water token logo but omitted further details. On their official Telegram page, Water’s founders said the football player “has become the first celebrity to publicly support” the meme coin. Recent days have seen the team tease such a deal.

The Water memecoin “aims to have a net-positive impact on the real world with the help of charity,” the project website says. To enable 4,000 people in Uganda and Ethiopia to have access to clean water, the team claims to have so far given Bitcoin (BTC) valued at $200,000. It also mentioned that it gave numerous organizations water valued at $240,000.

Launched in late June by the creators of Beer, a Solana meme coin with nearly $1 billion in market valuation, the token started out Water’s presale with an oversubscribed token value of $500 million in market capitalization. Ever since, though, it has battled to maintain its head above the sea.

Based on CoinGecko data, the price of Water has slid more than 70% from a peak of about $0.00264 on June 26. Following the apparently Messi endorsement, the meme currency peaked over 360% and momentarily topped $100 million in total market value. Water is down 20% at $0.00075 at press time, having surrendered most of the gains.

Professional wrestler Hulk Hogan separated himself from a parody coin honoring him earlier last month, which was pushed on his X page. The “fake” endorsement first made the Hogan meme currency explode. But within minutes after Hulk Hogan’s denial, the market capital value of the coin dropped from $17 million to $2 million.

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