Solana 'charity' memecoin promoted by Brazilian football legend Ronaldinho, following Messi's post

The WATER Solana SOL +3.28% memecoin appears to be piling up celebrity endorsements from the world of football.

Famous Brazilian footballer Ronaldinho Gaucho's Instagram account posted a story promoting the memecoin on Tuesday. The post follows Argentine footballer Lionel Messi's Instagram account posting a similar promotion the day before.

The posts should help build awareness around the mysterious memecoin, considering the two footballers' massive online followings. Messi has more than 500 million followers on Instagram, while Ronaldinho has nearly 77 million.

Last year, Ronaldinho denied participating in an alleged crypto scheme using his name and promising returns of up to 400%.

So far, details surrounding the memecoin are scant. According to a page linked to the WATER memecoin's website , the token was "crafted in partnership with the masterminds behind" the BEER memecoin. Launching memecoins has become increasingly easier to do in recent weeks , partly due to Pump.fun, a website that allows users to create tokens with ease.

"WATER is a meme coin with no intrinsic value or expectation of financial return," according to the token's legal disclosures also read. "WATER is completely useless and for entertainment purposes only."

Charitable mission appears vague

The mission behind the WATER memecoin also appears to be a bit curious as its creators have labeled it a "charity token." Yet, details of how it will support charitable causes remain vague.

"Unlike many memecoins that lack universal value, WATER stands out with a clear purpose. Our token exists to ensure fair asset redistribution among holders while also supporting charitable causes," the website states. "With WATER, you can contribute to helping others without any personal loss."

The website also states that the creators hope to address deforestation and water distribution in Africa. "For the sake of transparency, we will have a separate, publicly known wallet address to use for charity donations and any campaigns aimed to achieve the greater good," the website reads.

The WATER token is up more than 200% in the past 24 hours, according to CoinGecko . The token can be bought and traded on Bitget, BitMart and MEXC, also according to the memecoin's website.