TL;DR

One meme coin spiked 150% daily after Lionel Messi promoted it on Instagram. However, concerns arose about a potential hack of his account. Meme coins are volatile and can be linked to pump and dump schemes. Investors are urged to conduct due diligence and be cautious.

Support or Hack?

The meme coin sector rebounded substantially in the past 24 hours as numerous assets, such as Bonk Inu (BONK) and Pepe (PEPE), recorded double-digit price gains. Some lesser-known tokens have rallied even more impressively, with WATER Coin (WATER) being one evident example. 

WATER Price, Source: CoinGecko Its price is up a whopping 150% daily following an interaction from the football icon Lionel Messi. The Argentine promoted the token via a story to his more than 500 million followers on Instagram.

Messi Instagram Story, Source: Instagram Multiple industry participants on X noted the effort, with some assuming that hackers might have taken over Messis account to attract his fans to enter the meme coins ecosystem. Others think the most decorated player in the history of the Ballon dOr award might be unaware of the hack due to preparing for the Copa America semi-final against Canada on July 10.

Blockchain data platform Bubblemaps also chipped in, warning that 30% of WATERs supply is controlled by insiders. 

For its part, the security platform designed to enhance the safety of users online identities across the blockchain Webacy said people should do their own research before hopping on the bandwagon, even if they spot an endorsement from a prominent figure such as Messi. 

Another Controversial Meme

Meme coins have been cryptos rock stars during the latest bull cycle, with some hitting unseen price peaks. However, many of them are based on trends, are highly volatile, and have been rumored to be connected to certain pump and dump schemes.

DADDY a token shilled by the online influencer Andrew Tate rallied impressively in mid-June and early July following interaction from the popular figure. Most recently, he claimed preparing a grand plan, urging holders to accumulate as many assets as they can in a period of 72 hours:

We are going to build a place built on honor, hard work and diligence as opposed to simply being in first, getting lucky, rugpulled. Ive been working on this for a very long time, and this is your 72-hour warning.

DADDYs price soared to $0.23 after the announcement before plummeting to its current level of around $0.15 (per CoinGeckos data). 

In addition, Bubblemaps maintained that insiders purchased 30% of the supply at launch. The entity further stated that Tate received 40% of all DADDY tokens, which are currently worth more than $37 million.

Considering those dangers, people should enter the ecosystem after proper due diligence and invest only as much as they are ready to lose. For more important tips, please check our dedicated video below: