Celebrities Linked to Crypto Pump and Dump Scams

ccn.comPublished on 2024-08-29Last updated on 2024-08-29

Messi & Ronaldinho Promote $WATER

On Monday, July 8, 2024, Lionel Messi’s Instagram account unexpectedly posted a story appearing to promote the Solana memecoin WATER. The official Instagram account for the WATER memecoin also shared this story. It featured an image of the Argentinian star with the memecoin’s logo visible over his shoulder.

Lionel Messi's Instagram story
Lionel Messi’s Instagram story. l Source: Messi’s IG account

However, a few hours after posting Messi’s picture, Water’s page on Instagram posted a picture of Brazilian football legend Ronaldinho, claiming his support for the memecoin as well.

Ronaldinho's picture on $WATER Instagram pace
Ronaldinho’s picture on $WATER Instagram pace. l Source: Water.Solana IG account

Following Messi’s Instagram post, WATER’s value surged over 55%, though it later lost half of those gains, according to CoinGecko . So far, no confirmation arrived from Messi or his team, and the crypto community wonders whether this is another scam activity or whether Messi and Ronaldinho accepted to promote this memecoin.

The on-chain tracker Bubblemaps  issued a warning on X, urging followers to devalue WATER. Despite concerns about supply concentration, investors chose to buy the token following Messi’s post.

Messi Also Endorses $TIME

Football star Lionel Messi has endorsed a new cryptocurrency on his Instagram stories, tagging $TIME, a token based on the Solana blockchain that made its public market debut on July 24, 2024.

As of today, Jul y 29, 2024, the price of $TIME stands at $0.000036, with a 24-hour trading volume of $6,106,824. The token has experienced a slight decline of 1.6% in the past 24 hours and is currently 2,617 on CoinMarketCap . There is no available data regarding its live market cap or circulating supply, but the maximum supply is set at 699,999,998,595 $TIME.

$TIME surged to an all-time high of $0.00007954 on Saturday, July 27, 2024, following the endorsement from Inter Miami star Lionel Messi. However, this spike proved short-lived, as the token’s value began to decline shortly after, entering a downward trend.

Messi’s endorsement underscores the considerable influence celebrities can wield in the cryptocurrency market. Yet, the volatility that followed highlights the unpredictable nature of such investments. As $TIME continues to navigate the market, investors will be closely monitoring its performance to see if it can regain momentum or stabilize after the initial rise and subsequent decline.

Celebrities Involved In Fraud

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