In a surprising move, international football icon Lionel Messi recently promoted a Solana-based memecoin called WaterCoin (WATER) via his Instagram Stories. The WaterCoin project aims to raise awareness about water-related issues, with aspirations of evolving into a full-fledged ecological cryptocurrency.
According to WaterCoin’s documentation, the project’s roadmap includes four primary stages: the initial presale of the token, listings on centralized exchanges, celebrity partnerships, and the ultimate goal of becoming a “charity-focused environmental currency.” However, the roadmap lacks detailed explanations on how these objectives will be achieved.
However, on-chain analytics platform Bubblemaps posted a tweet stating that 30% of the supply is controlled by insiders. WATER is down 48% from the highs reached following Messi’s post on Instagram Stories.
Blockchain technologies offer innovative solutions for environmental protection due to their transparency and community-focused features. These technologies can enable trustless crowdfunding, efficient organization, and onchain verifiability. For instance, in 2022, Samsung utilized blockchain technology from Veritree to track tree planting efforts aimed at capturing 1 billion pounds of carbon over the next 25 years by restoring forests in Madagascar.
However, the ongoing popularity of memecoins has sparked debate within the crypto community. Despite the risks associated with investing in memecoins, this hasn’t deterred traders. Many continue to take significant risks in the hopes of securing substantial profits. Critics argue that these tokens damage the cryptocurrency space’s reputation and attract unwanted regulatory scrutiny. Conversely, some proponents believe memecoins can foster vibrant, value-driven communities.
