Football legend Lionel Messi's Instagram promotion of WATER Coin, a meme cryptocurrency, has seen its value surge by 150% within 24 hours. However, speculation is rife that Messi's account may have been hacked. Blockchain data platform Bubblemaps has warned that 30% of WATER's supply is controlled by insiders, highlighting the need for investors to conduct thorough due diligence.

Meme coins have been the stars of the latest crypto bull cycle, but their volatility and potential links to "pump and dump" schemes call for caution. For instance, the DADDY token, promoted by online influencer Andrew Tate, saw a significant price rally before a sharp drop. Bubblemaps revealed that insiders bought 30% of DADDY's supply at launch, with Tate receiving 40% of all tokens, currently valued at over $37 million.

Despite the risks, the meme coin sector's substantial rebound indicates a resilient market. Investors are advised to enter the ecosystem with caution, investing only what they can afford to lose.