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- The $WATER meme coin has attracted more crypto speculators following the support from legendary footballers
- The Solana ecosystem has registered a plethora of meme coins in the recent past, thus fueling the SOL’s bullish outlook.
Ronaldinho Gaucho, a retired professional footballer, joined iconic forward professional player, Lionel Messi, to promote the Solana (SOL)-based meme coin project, Water Coin ($WATER). On Tuesday, July 9, Messi posted an Instagram photo of the WATER project, thus sparking heightened speculation among meme coin traders.
Although the meme coin project has since dropped over 22 percent in the past 24 hours, the support from Messi and Ronaldinho is expected to attract more investors ahead. Moreover, the WATER token developers have locked more than $23k SOL units, worth around $3.2 million, to provide liquidity.
As of this report, the WATER token project has more than 10K holders and a cumulative transaction count of over 33k. The small-cap altcoin had a fully diluted valuation of about $65 million and a daily average trading volume of around $51 million.
The WATER meme token intends to create a robust crypto community focused on global charity and research initiatives. The meme coin industry has been identified as the best avenue to onboard more web3 users and create an engaging crypto community.
To begin with, the WATER meme token will not offer perpetual trading to prevent market manipulation. With a total supply of 88 trillion, WATER tokens will soon be listed on popular exchanges led by Bitget, MEXC, and Bitmart, among others in the pipeline.
Impact on Solana Network
The Solana network has grown to a vibrant top-tier web3 ecosystem with more than $4.4 billion in total value locked (TVL) and over $3.3 billion in stablecoins market cap. The notable adoption of Solana’s decentralized financial projects is largely influenced by the meme coin tokens.
As we previously reported, the Solana-based meme coins, with a market cap of about $6.5 billion and a daily average traded volume of over $1.3 billion, have surged at least 800 percent year-to-date.
With a dozen more Solana-based meme coins, led by the WATER token, emerging amid the ongoing mainstream adoption of digital assets, the Solana network will continue to be a leader in on-chain activities.
SOL Price Action
The ongoing crypto correction triggered by the Mt.Gox repayments and the sell-offs by the German government has significantly increased the overall crypto fear of further capitulation. However, the heightened demand for SOL among crypto investors has helped the altcoin hold the support level of around $128 in the past four months.
As we previously pointed out, the SOL price could be preparing for a major bullish breakout towards $200 in the near term. On the long haul, Solana’s price against the US dollar has been following a similar fractal pattern to the 2021’s bull run.
From a technical standpoint, Solana’s price could easily rally to its all-time high after the weekly Relative Strength Index (RSI) rebounded off the 50 percent level. On the daily time frame, the SOL’s RSI has already formed a bullish divergence on a possible double bottom, signaling a possible bullish uproar
