Ronaldinho Gaúcho, the legendary soccer star, has joined Lionel Messi in promoting the Solana token Water Coin (WATER). Following Ronaldinho’s Instagram post on July 9, which showcased Water Coin’s mascot to his 76.6 million followers, WATER’s price spiked by nearly 40% to $0.0012. However, it has since fallen below its pre-pump price to $0.00083, according to CoinGecko.

Ronaldinho’s endorsement comes after a similar promotional post from Lionel Messi on June 8, which resulted in WATER’s price increasing by 158%. Despite the initial surge, WATER’s current value is down 71% from its all-time high on June 26.

Water Coin aims to raise awareness for water-related issues, such as sustainable projects preventing deforestation and improving water distribution in Africa. The token’s roadmap includes forming celebrity partnerships before evolving into a charity-focused environmental token.

Despite these claims, some industry critics, like YouTuber Ajay Kashyap, have flagged WATER as a potential pump-and-dump scheme. Crypto commentator Ponga also expressed skepticism, urging caution among investors.

Ronaldinho has previously faced scrutiny in the crypto space. In August, he appeared before a Brazilian parliamentary committee regarding an alleged $61 million crypto pyramid scheme, “18kRonaldinho,” which used his likeness without permission. Ronaldinho denied any involvement, stating he was also a victim of the scheme.

The trend of high-profile figures promoting crypto tokens continues, with former Olympian Caitlyn Jenner and UFC fighter Khazmat Chimaev also involved in similar activities. Chimaev promoted the Khazmat Chimaev (SMASH) token on Instagram but later claimed no involvement, while crypto sleuth ZachXBT identified characteristics of a pump-and-dump scheme in the SMASH token distribution.

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