Key Insights
Football legends Messi and Ronaldinho endorsed a small, Solana-based memecoin called Water on social media this week.
Following their endorsements, Water's price surged by 194%, raising questions about its legitimacy.
This endorsement comes amid a wave of celebrity hacks and memecoin scams involving celebrities like 50 Cent, Hulk Hogan, Sydney Sweeney, and Doja Cat.
Both athletes have previously been involved with crypto projects, some of which turned out to be massive scams.
Crypto commentators suspect Water might be a "pump and dump" scheme, with some "evidence" posted by BubbleMaps.