Soccer legend Ronaldinho Gaúcho has promoted the Solana-based token Water Coin, leading to significant price fluctuations. Simultaneously, rapper Doja Cat's X account was hacked to endorse a scam token, resulting in substantial investor losses. Additionally, Rome, a crypto startup leveraging Solana to enhance Ethereum layer-2 networks, has secured $9 million in funding from top-tier investors.
Soccer Legend Ronaldinho Promotes Solana’s Water Coin Amidst Controversy
Ronaldinho Gaúcho, the legendary Brazilian soccer star, recently took to Instagram to promote the Solana-based token Water Coin (WATER). This endorsement follows a similar post from Lionel Messi's X account, sparking both excitement and skepticism within the crypto community.
On July 9, Ronaldinho shared an Instagram story with his 76.6 million followers, showcasing a photo of himself with Water Coin’s mascot peeking over his shoulder. The story also tagged the token’s Instagram account, instantly drawing massive attention to WATER.
This post resulted in a swift 38.8% rally in WATER’s price, pushing it to $0.0012 within an hour. However, the surge was short-lived, as CoinGecko data later revealed a drop below $0.00083, marking a significant decline from its all-time high on June 26.
Despite the volatility, WATER has seen a 158% increase since Messi's Instagram post on June 8, which featured a similar promotional image. This rapid fluctuation has left investors and observers questioning the stability and long-term viability of the token.
Water Coin aims to raise awareness for water-related issues, including preventing deforestation and supporting water distribution projects in Africa. The token's website outlines a roadmap that emphasizes forming celebrity partnerships to transition into a charity-focused environmental token.
The involvement of high-profile athletes like Ronaldinho and Messi has undoubtedly brought attention to Water Coin, but it has also raised eyebrows. Critics, including YouTuber Ajay Kashyap, have labeled WATER as a potential pump-and-dump scheme. Crypto commentator Ponga echoed these concerns, advising caution to potential investors.
The skepticism isn’t unfounded. Ronaldinho’s recent appearance before a Brazilian parliamentary committee over his alleged involvement in a $61 million crypto pyramid scheme, “18kRonaldinho,” has added to the controversy. The scheme, which used Ronaldinho's likeness without his permission, promised investors daily returns of 2%. Ronaldinho has denied any involvement, claiming he was a victim of unauthorized use of his image.
A Pattern of High-Profile Promotions
Ronaldinho and Messi are not the only celebrities to wade into the murky waters of crypto endorsements. Former Olympian Caitlyn Jenner and UFC fighter Khazmat Chimaev have also promoted various tokens.
Chimaev, however, later distanced himself from the memecoin bearing his name, Khazmat Chimaev (SMASH), claiming no involvement. Crypto investigator ZachXBT highlighted the suspicious distribution of SMASH tokens, with 78% allegedly owned by the token’s team, further fueling pump-and-dump fears.
While Water Coin’s mission to support environmental causes is noble, the rapid price fluctuations and celebrity endorsements have cast a shadow of doubt over its legitimacy. Investors are urged to exercise caution and conduct thorough research before diving into such volatile markets.
The crypto space is no stranger to the intersection of fame and finance, but the recent trends shine the spotlight on the importance of vigilance and skepticism. As Water Coin continues its journey, the crypto community will be watching closely, weighing the token’s environmental promises against the realities of its market behavior.
The involvement of soccer legends like Ronaldinho and Messi in promoting Water Coin has undoubtedly elevated the token's profile. However, the accompanying volatility and concerns about potential pump-and-dump schemes highlight the need for caution in the rapidly evolving world of cryptocurrency. Whether Water Coin can fulfill its environmental mission amidst these controversies remains to be seen, but for now, it serves as a reminder of the complexities and risks inherent in the crypto market.
Doja Cat’s X Account Hacked: Scam Token Promotion Leads to Massive Investor Losses
On July 8, the X account of renowned rapper Doja Cat was hacked and used to promote a scam token named after her, according to reports from celebrity news account Daily Trends and the celebrity news site The Daily Mail. The breach not only led to significant financial losses for investors but also involved negative posts about fellow rapper Iggy Azalea.
The hacker used Doja Cat’s X account to promote a fraudulent token called “Doja Cat (DOJA).” This scam token quickly reached a market capitalization of $1.65 million following the promotion. However, the value plummeted shortly after, with the market cap falling to a mere $16,820, resulting in investor losses of over $1.63 million.
The Daily Trends shared an image of the now-deleted scam post. The post featured Doja Cat dressed in a suit of armor and wielding a sword, with the caption, “buy $DOJA or else,” followed by the token’s Solana contract address. The post also contained a disparaging remark about Iggy Azalea, who had recently launched her own celebrity memecoin, MOTHER, urging readers to buy DOJA while making negative comments about Azalea.
In response to the hack, Doja Cat reportedly posted a video on The Daily Trends, vehemently denying any involvement with the scam token promotion. In the video, she stated, “It is not me! It is literally an imposter!” She urged her fans not to believe the post, emphasizing, “Guys, do not believe whatever that was, OK. It was someone else.”
The Daily Mail reported that the hacked account was also used to make replies to influencer Andrew Tate and rapper Nicki Minaj, including the phrase “Hey boo,” further indicating the hacker’s intent to create discord and confusion.
Iggy Azalea’s Response
Azalea, responding to the negative post about her, took to her own X account to clarify that she knew the post did not come from Doja Cat. She stated, “Get rugged if yall want but I’m cool w that girl irl so yall fucked up w that tweet hackers,” showing support for Doja Cat and condemning the hacker’s actions.
The contract address shared in the hacker’s post was for a Solana token called “Doja Cat” (DOJA). Data from DEXScreener revealed that the token’s price soared to $0.001656 within the first hour of its launch, reaching a market cap of $1.656 million. However, the token’s value rapidly declined to $0.00007352 in the following hour and later dropped to $0.00001682, bringing its market cap down to $16,820.
This incident is part of a larger trend of celebrity-themed memecoins, many of which have faced similar fates of rapid devaluation. Over the past few months, a surge of these coins has entered the market, with most experiencing a decline of 90% or more shortly after their launch. Legal experts have warned that these coins could attract class-action lawsuits and enforcement actions from the US Securities and Exchange Commission, especially in cases where celebrities’ accounts were hacked to promote these tokens without their consent.
Doja Cat’s account is not the first to fall victim to such a scam. On July 2, actress Sydney Sweeney’s X account was also hacked and used to promote an unofficial SWEENY celebrity coin, highlighting the ongoing vulnerability of celebrity social media accounts to such malicious activities.
The hacking of Doja Cat’s X account and the promotion of a scam token bearing her name has resulted in significant financial losses and highlights the growing problem of cybercrime in the cryptocurrency space. As more celebrities become targets of such schemes, it brings attention to the need for stronger security measures and increased awareness among fans and investors. The rapid rise and fall of the DOJA token serve as a stark reminder of the risks associated with celebrity-endorsed cryptocurrencies, particularly those promoted without the celebrity’s genuine involvement.
Rome Emerges from Stealth, Raises $9 Million to Transform Ethereum's Infrastructure with Solana
In a related development, Rome, a crypto startup project, has announced its emergence from stealth mode alongside a substantial $9 million funding round. The startup aims to leverage Solana as an auxiliary network to provide crucial services to layer-2 blockchains built atop Ethereum, specifically focusing on shared sequencers and data availability (DA).
Founded by Anil Kumar and Sattvik Kansal, Rome seeks to revolutionize how blockchain builders manage Ethereum’s complex components and functions through a modular approach. The project intends to establish Solana as the backbone for shared sequencers and data availability, critical components for the efficiency and scalability of Ethereum layer-2 networks.
A sequencer in a layer-2 blockchain is responsible for batching transactions and sending them to the base Ethereum blockchain for settlement. Decentralizing these sequencers is essential to eliminate single points of failure, a common concern in centralized systems. Data availability projects aim to store the extensive transactional data generated by Ethereum layer-2s more cost-effectively than the main Ethereum chain.
Rome’s $9 million funding round was supported by top-tier investors, including Hack VC, Polygon Ventures, HashKey, Portal Ventures, Bankless Ventures, Robot VC, LBank, Anagram, TRGC, Perridon Ventures, and notable angel investors like Anatoly Yakovenko, Nick White, Santiago Santos, Comfy Capital, Austin Federa, and Jason Yanowitz. This diverse and high-profile backing demonstrates the significant potential and industry confidence in Rome's innovative approach.
Leveraging Solana for Efficiency
In a recent interview, co-founder Anil Kumar explained the rationale behind choosing Solana as the supporting network for Rome’s services. "The main thing is, a shared sequencer needs to be its own chain, and it takes a lot of time, a lot of effort to do that, so we were looking for what chain we should use," Kumar said. He emphasized that Solana, compared to Bitcoin, Cosmos, and Ethereum, stands out as the best state chain for this purpose due to its superior state machine capabilities.
Rome aims to enable "atomic transactions" between Ethereum layer-2 networks. Atomic transactions involve multiple steps across different blockchains, and if any part fails, the entire transaction is voided, ensuring users are only charged for the minimal cost of a Solana transaction. This feature promises enhanced efficiency and reduced risk for users engaged in complex blockchain transactions.
The Modular Blockchain Movement
Rome’s approach aligns with the broader trend of modular blockchains, where specific functions traditionally handled by the main Ethereum chain are outsourced to specialized projects. This modularization is intended to optimize performance, reduce costs, and enhance the scalability of blockchain networks.
Other projects in this space include Metis, an Ethereum layer-2 project with a decentralized sequencer, and Espresso Systems, which is developing an "L2 sequencing marketplace." These initiatives highlight the growing industry focus on unbundling Ethereum’s core functions to improve overall network efficiency and reliability.
As Rome embarks on its mission to transform Ethereum’s infrastructure with Solana, the blockchain community eagerly anticipates the impact of this innovative project. With significant financial backing and a clear vision, Rome is well-positioned to address some of the most pressing challenges in the blockchain space.
By decentralizing sequencers and improving data availability, Rome aims to contribute to a more robust, scalable, and cost-effective Ethereum ecosystem. As the project progresses, it will be crucial to monitor its developments and the broader implications for the future of modular blockchains.
Rome’s emergence from stealth mode and its substantial funding round mark a pivotal moment in the evolution of blockchain technology. By leveraging Solana to enhance Ethereum layer-2 networks, Rome is poised to play a critical role in the ongoing transformation of the blockchain landscape. As the project unfolds, it promises to deliver innovative solutions that could set new standards for efficiency, scalability, and security in the decentralized world.
