Lionel Messi Promotes $WATER Token on Instagram, Causing 200% Surge to $70M

Jul 8, 2024, 05:15 PM

Lionel Messi has promoted the Solana-based token $WATER on his Instagram story to his 504 million followers. Following the post, the token surged by 200%, reaching a $70 million market cap within an hour, but the price has since declined. Initially, the token's market cap jumped from $25 million to over $100 million. Concerns have been raised as a cluster of wallets controls over 35% of the token's supply, with some sources indicating it could be as high as 45%. The token is currently down over 90% from its all-time high. Messi's promotion has sparked significant attention and debate within the cryptocurrency community.