WATER Coin (CRYPTO:WATER), a meme coin on the Solana (CRYPTO:SOL) blockchain, experienced a staggering 150% price surge in a single day following an endorsement from football icon Lionel Messi via Instagram.

Concerns arose over a potential hack of Messi's account, which could have been exploited to promote the coin to his massive following of over 500 million users.

Industry observers noted the volatile nature of meme coins and cautioned investors about the risks associated with such sudden price movements, often linked to speculative "pump and dump" schemes.

Similar incidents involving other meme coins, like DADDY (CRYPTO:DADDY), have highlighted issues with insider ownership and rapid price fluctuations driven by influencer endorsements.

These developments underscore the importance of conducting thorough due diligence before investing in meme coins, despite high-profile endorsements.