Brazilian soccer star Ronaldinho Gaucho is promoting the charity Water memecoin (WATER) on Instagram, becoming the second sports legend after Lionel Messi to do so on Monday. 🌊

Despite celebrity support, little is known about the project's plans to support charitable causes. The project manager stated that WATER was involved in a variety of initiatives, including flood mitigation in Southern Ukraine and community education in Northern Brazil.

However, despite rising 200% on Tuesday, WATER had given back most of its gains by Wednesday and was up just 2.4%, hovering around a $69 million market cap.