Implications of Messi's Instagram Promotion on Solana's Memecoin Market
The recent Instagram story shared by Lionel Messi, the football legend hailed as the GOAT, showcased his endorsement of the Solana memecoin, WATER, to his massive follower base of 504 million users. This act sparked a significant surge in the token's value, experiencing a remarkable 400% spike in just a span of three hours. However, the excitement was short-lived, as the price dropped by 80% post-surge.
Despite concerns surrounding the concentration of WATER's supply, flagged by reports indicating that 35% of the token is controlled by select wallets, Messi's promotion garnered substantial attention from investors, prompting many to engage in purchasing the token.
A prevalent trend of hackers infiltrating celebrity profiles to endorse meme currencies emerged, with Messi becoming a recent target. Notable personalities like musician 50 Cent and actress Sydney Sweeney also faced similar breaches, leading to the deletion of all posts from their profiles upon regaining control. In contrast, Messi's Instagram post endorsing WATER remains active, devoid of any mentions of security breaches.
WATER asserts its commitment to fostering a 'net-positive impact on the real world,' although detailed strategies to achieve this objective remain undisclosed. Recent trading activities have seen WATER's trading volume reach approximately $97 million in the past 24 hours, accompanied by a market cap exceeding $80 million.
Furthermore, other meme coins based on Solana, such as Zazu (ZAZU), Zoomer (ZOOMER), and Jeo Boden (BODEN), have encountered notable price escalations of 63%, 29%, and 16%, respectively.
