According to CoinMarketCap data, WATER is currently trading at $0.00092, indicating an upside of 122%. In addition to this rise, 24-hour trading volume increased by 243%, reaching approximately $40 million. The total market value is around 82.23 million dollars.

So, what is the reason for this sudden rise? The answer is that world-famous football star Lionel Messi shared a post about WATER on his Instagram account with 504 million followers. This move led to a sudden increase in the popularity of the meme coin. Within three hours of Messi’s post, the token’s value rose almost 400%. However, this enthusiasm did not last and the WATER price has fallen by 72% since its peak on June 25.

While the excitement of the rise continues, there are some noteworthy points for investors. The fact that 35% of the token supply is controlled by a small group of wallets raises risks of market manipulation and price volatility. Blockchain analysis company Bubblemaps expresses concern about this supply density and urges investors to be cautious. However, Messi’s influence appears to be overshadowing these warnings so far.

Another claim that makes things even more interesting is that the team behind WATER coin managed to impress the marketing team by claiming that Messi’s knowledge of cryptocurrencies is limited. A cryptocurrency user named yourfriendSOMMi who made this claim claims that the WATER team is the same people as BEER and TEA meme coins, which have been involved in a fraud scandal in the past.

Recently, there have been cases where celebrities’ social media accounts were hacked and fake cryptocurrency promotions were made. However, Messi’s post remains on the platform for now and appears to be legitimate as no hacking has been reported.

Question marks continue regarding the future of the WATER project. The project states that it aims to create a “net positive impact on the real world” but does not provide a clear explanation of how this goal will be achieved. The website also mentions a partnership with BEER, another Solana meme coin.

Although there are question marks about the transparency of the WATER project, we can say that the meme coin craze still continues. Besides WATER, other Solana-based meme coins such as Bonk (BONK) and Brett (BRETT) have also seen double-digit growth in the last 24 hours.

This sudden rise in WATER coin demonstrates how fast the cryptocurrency market can move and the power of celebrity social media influence. However, along with the high return potential, there are also risks that investors should not forget.

Supply density, lack of transparency and potential fraud allegations emphasize the need for caution. At this point, investors need to do their own research and try to minimize the risk.