WATER, which first came to the fore with the social media posts of Lionel Messi and then Brazilian legend Ronaldinho Gaucho, quickly returned to its previous state after experiencing a short-term increase in value. This sudden rise and the uncertainties surrounding the project have raised questions about WATER’s future and true purpose.

WATER came to the fore on Monday when Lionel Messi was announced as the official representative. Messi’s Instagram account has nearly 300 million followers, giving WATER great publicity. On Tuesday, the project took a second leap forward when Ronaldinho Gaucho shared WATER on his Instagram story. Ronaldinho also has approximately 230 million followers. With the support of these two football stars, WATER has reached approximately 600 million users in total.

WATER describes itself as a “charitable” memecoin. According to the official website, the project aims to combat deforestation and improve water distribution in Africa. They claim to be involved in initiatives such as mitigating floods in southern Ukraine, helping educate local communities in northern Brazil, and providing clean water in Uganda and Ethiopia. However, the accuracy of these claims has not yet been proven.

The WATER team also raises questions about transparency. The developers of the project keep their identities secret. Additionally, the website’s statement that “WATER is completely non-functional and for entertainment purposes only” contradicts a charitable initiative. The fact that market construction fees are mentioned as the team’s method of making money raises doubts about the real purpose of the project.

With the posts of Messi and Ronaldinho, WATER experienced an increase in value of over 200% according to DEX Screener data. However, this rise was not permanent and WATER returned to its previous state in a short time. Questionable disclosures, lack of transparency, and anonymous developers have damaged investors’ trust in WATER.

WATER’s future remains uncertain. On the one hand, the support of star football players and their emphasis on helpfulness attracts attention. On the other hand, questionable statements, anonymous developers and unproven aid initiatives call into question the seriousness of the project. It may be more accurate to consider WATER as an entertainment memecoin for now. Investors are advised to approach the project cautiously and not invest without thorough research.

This situation also brings up a general problem facing the cryptocurrency market: The number of memecoins that experience short-term rises with the support of popular names but do not have a solid project behind them is increasing. Investors need to be wary of such projects and always do thorough research.