A July 9 Instagram story to his 76.6 million followers featured him with Water Coin’s mascot peering over his shoulder, tagging the token’s Instagram account.

After Ronaldinho’s post, WATER rose 38.8% to $0.0012 in one hour, but CoinGecko statistics reveal it has subsequently plummeted below $0.00083. From its June 26 all-time record, the price is currently down 71%.

Related: Lionel Messi Advertised Solana Memecoin ‘Water’

From Messi’s Instagram post on June 8, which showed a similar image to Ronaldinho’s post, WATER’s price is up 158%.

According to its website, Water Coin is claimed to be focused on increasing awareness for water-related problems, including funding sustainable programs that stop deforestation and assist water distribution in Africa.

Before turning into a charity-oriented environmental token, Water Coin’s roadmap shows its intentions to create celebrity alliances in order to reach their aim.

Although the WATER Foundation allegedly only gave 5% of the 88.88 billion WATER tokens to each individual, YouTuber Ajay Kashyap was among the industry detractors who pointed out WATER as a possible pump-and-dump token.

“Is this real or another pump-and-dump crap?” crypto analyst Ponga asked. “Stay wary, guys.”

Brazilian national Ronaldinho showed up before a Brazilian parliamentary committee investigation in August about an allegedly $61 million crypto pyramid scam using his image.

Using pictures of the retired soccer player, the program, “18kRonaldinho,” offered 2% daily profits to investors.

Declaring he never worked with the initiative and claiming he was also a victim as it utilized his likeness without authorization, Ronaldinho denied any involvement in the plan.

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The post Ronaldinho Promotes Water Coin on Instagram appeared first on Coin Engineer.