Soccer icon Lionel Messi endorsed the Solana-based meme coin WATER on his Instagram story on Monday, inciting a dramatic 350% increase in the token’s value.

Messi’s Instagram story featured an image of WATER’s mascot—a whimsical cartoon glass of water—perched on his shoulder, accompanied by a link to the project’s Instagram page. This endorsement propelled WATER from $0.00032 to $0.00146 within two hours, marking an astounding 356% surge.

Following the initial spike, WATER’s value receded slightly, stabilizing at just over $0.001 at the time of writing, reflecting a 215.6% increase in the past 24 hours according to CoinMarketCap data. The token’s market capitalization stands at approximately $94 million, with a 24-hour trading volume nearing $40 million.

The WATER project’s website claims it aims to create a “net-positive impact on the real world through charity,” though specifics are not provided. The token is available for purchase on Bitget, a possible reason for Messi’s endorsement, given his partnership with Bitget since October 2022. Attempts to reach Messi’s media relations team for comment were unsuccessful.

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This endorsement follows a trend where celebrities, including media figure Caitlyn Jenner and rapper Iggy Azalea, have engaged in meme coin promotions earlier this year by minting tokens on the Solana blockchain. These actions have been criticized as attempts to profit quickly from their followers.

Messi’s post also faced skepticism from some within the crypto community. Analyst @ericonomics commented on X (formerly Twitter), “They will probably rug [pull] soon, so do yourself a favor and don’t buy that sh*t.” He further alleged, “Third token scam that Messi promotes. The first was Leafty, a rug pull within five days. The second was Planet, a slow rug currently down 90% since his promotion.”

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Despite the controversy, Messi’s involvement underscores the powerful influence of celebrity endorsements in the volatile world of cryptocurrency.