$WATER Token Analysis Report: A Comprehensive Financial and On-Chain Investigation

1. Introduction and Overview

This report presents a comprehensive analysis of the $WATER token, a cryptocurrency launched on the Solana blockchain in June 2024. The token was marketed as a charitable initiative focused on water-related causes, with features including staking ("freezing") and token burning ("vaporizing").

$0.00283

All-Time High (June 26, 2024)

$0.00000538

All-Time Low (Feb 11, 2025)

$0.0000112

Current Price (April 30, 2025)

Key Findings

Initial Coin Offering (ICO) raised approximately $42.76 million (318,380 SOL) in June 2024
Token price declined by 99.6% from its all-time high in June 2024 to its current price
Analysis of on-chain data shows systematic distribution of funds to multiple wallets and exchanges
Charitable claims were made but with limited verifiable evidence of substantial donations
Market capitalization declined from an estimated $2+ billion at launch to approximately $771,321 as of April 2025

DISCLAIMER: This report is based on publicly available data from the Solana blockchain, price data, and social media statements. It is provided for informational purposes only and does not constitute financial advice or accusations of wrongdoing.

2. ICO/Presale Analysis

Initial Coin Offering (ICO) Details

ICO Date: June 23-24, 2024

Token Contract: B6h248NJkAcBAkaCnji889a26tCiGXGN8cxhEJ4dX391

Collection Wallet: 34rxM4FYYKtKLJDCyP4FVJTryjpu5KAkWxqApc9E8gpH

Initial Price: ~$0.00276 per WATER

Total Supply: 88.88 billion WATER

Amount Raised: 318,380.91 SOL (~$42.76 million)

Min Investment: 0.1 SOL

Max Investment: 200 SOL

Hardcap (Initial): 55,555 SOL

Actual Raised: ~6× the hardcap

ICO Structure and Timeline

June 22, 2024

Presale announcement made on Twitter. Initial hardcap set at 55,555 SOL with up to 35% bonus for early investors.

"$WATER PRESALE ON SOLANA STARTS TOMORROW, 3 PM UTC 💦 💙. Install the Phantom wallet, top it up with $SOL, and embrace the liquidity flood 🌊"

June 23, 2024

Presale begins. According to project tweets, the hardcap was exceeded by six-fold within minutes.

"We are overwhelmed by the support from our community 💦💪🏻. We are analyzing the transactions and will soon report the final time of the presale finish and the next steps for $WATER and presale participants."

June 23, 2024 (Later)

Project team announces community poll about how to handle excess funds.

"$WATER is all about the community, so we have concluded that you should influence the most important actions we take 💦. Below, we are posting a poll regarding how we should proceed with the PRESALE funds that exceeded initial hardcap by six-fold."

June 24, 2024

Token Generation Event (TGE) occurs. Initial trading begins with a market cap of approximately $2+ billion (based on total supply).

Notable ICO Features:

The project exceeded its initial hardcap by approximately 6x
Token distribution used a tiered bonus structure:
- 0 - 9,500 SOL: +35% bonus
- 9,501 - 20,000 SOL: +25% bonus
- 20,001 - 31,111 SOL: +15% bonus
- 31,112 - 43,112 SOL: +10% bonus
- 43,113 - 55,555 SOL: +5% bonus
- 55,556 - 255,706 SOL: 0% bonus
Project team claimed to have refunded bot transactions

3. Price Performance and Market Trends

Price History Overview

The $WATER token experienced a dramatic decline in value from its launch in June 2024 through April 2025. The token reached its all-time high (ATH) of $0.00282973 on its first day of trading (June 26, 2024) and has since lost approximately 99.6% of its value.

Key Price Points:

Opening Price:

$0.002759 (Jun 26, 2024)

ATH:

$0.002830 (Jun 26, 2024)

1 Month Later:

$0.001043 (Jul 30, 2024)

3 Months Later:

$0.000380 (Sep 30, 2024)

6 Months Later:

$0.000025 (Dec 31, 2024)

ATL:

$0.00000538 (Feb 11, 2025)

Current Price:

$0.0000112 (Apr 30, 2025)

Price Chart: $WATER Token Price (Jun 2024 - Apr 2025)
Note: Logarithmic scale due to 99.6% price decline

Volume Analysis

Trading volume showed the following pattern:

Highest volume in first week: $40-60M daily
Sharp decline by July 2024: $5-15M daily
Continued decline to $1-3M by September 2024
Current volume: Approximately $30K daily

This pattern of declining volume is consistent with diminishing interest in the token over time.

Market Capitalization

Initial Market Cap (based on total supply): ~$2.52 billion

Current Market Cap: ~$771,321 (April 2025)

Decline: 99.97%

Note: The project conducted token burns ("vaporizing") that reduced circulating supply, but these had minimal impact on token value.

Key Observation:

The token experienced its all-time high on the very first day of trading and has followed a consistent downward trend with no significant recovery periods. This pattern is consistent with tokens that experience initial speculation followed by rapid sell-offs.

4. Fund Flow Analysis

ICO Fund Distribution

Analysis of on-chain transactions reveals how the funds collected during the ICO were subsequently distributed. The primary receiving wallet was 34rxM4FYYKtKLJDCyP4FVJTryjpu5KAkWxqApc9E8gpH, which collected approximately 318,380 SOL (~$42.76M).

ICO Collection Wallet
34rxM4...9E8gpH
318,380 SOL ($42.76M)

Primary Outflows:

ABrL893...abaxv4xRa: 81,789 SOL ($10.51M)

9oB3MM...jLCjsf8Axa: 121,900 SOL ($15.95M)

2gayT3...EAnB6zyd: 50,000 SOL ($6.43M)

9pNHxK...PXmXQM: 49,380 SOL ($6.35M)

3ZkVEh...ZM9gr: 11,658 SOL ($1.56M)

Secondary Distribution:

Exchange Deposits (Bitget, MEXC, Gate.io)

Conversion to USDC: Multiple transactions

Transfers to numerous personal wallets

Tertiary Distribution

Further distribution to individual wallets and exchanges

Key Secondary Wallet Transactions

From	To	Amount	Value (USD)
ABrL893...xRa	HgXGDnE...oksxqV8	7,000,000 USDC	$7,000,000
ABrL893...xRa	Bitget Deposit	50,200 USDC	$50,200
ABrL893...xRa	MEXC Deposit	40,000 USDC	$40,000
ABrL893...xRa	J1ydf4o...h1raK	5,000 SOL (multiple times)	~$3.2M (total)
9oB3MM...8Axa	7EvUnM...bQH6M	1,999,000 USDC	$1,999,000
9oB3MM...8Axa	AGjEeE...jxCvMk	1,499,000 USDC	$1,499,000
9oB3MM...8Axa	Multiple exchanges	Various	~$3.5M (estimated)

Token Supply Analysis

Original Supply: 88.88 billion WATER

Current Supply: ~73.11 billion WATER

Token Burns Announced:

June 27, 2024: 888,888,888 WATER (1% of supply)
July 3, 2024: ~4 billion WATER (claimed)

Major Token Holders:

Raydium Authority: 37.1B WATER (50.74%)
Wallet D2cmh...Z9Gt: 7.2B WATER (9.85%)
MEXC Exchange: 4.3B WATER (5.93%)
Various exchanges and wallets: Remaining supply

Fund Flow Analysis Findings:

The ICO funds were distributed to multiple wallets shortly after collection
Significant amounts were converted to stablecoins (USDC)
Large transfers were made to exchange deposit addresses
Funds were systematically distributed across numerous wallets, making it difficult to track their ultimate destination
No clear evidence of significant funds being allocated to charitable causes was found on-chain

5. Charitable Claims Evaluation

Project Claims

The $WATER project positioned itself as having charitable intentions related to water projects. Several claims were made on social media:

"In just two months, $WATER donated over $300,000 to clean water initiatives 🌍"

— Posted August 28, 2024

"$WATER CHANGED LIVES 💙 After weeks of dedication, our team has finally completed one of the deepest wells we've ever built—bringing clean, potable water to a village of over 1,000 people 💧"

— Posted February 1, 2025

"Thanks to the incredible support of the $WATER community, a well and toilets have been built in Iyalode village 🏡 Before this, the villagers faced unimaginable hardships. To fetch water, they had to walk long distances to neighboring villages, often digging wells manually just to get a few liters."

— Posted April 22, 2025

Analysis of Charitable Claims

Claimed Donations:

$300,000 to water initiatives (claimed August 2024)
Well construction in unspecified location (February 2025)
Well and toilets in Iyalode village (April 2025)

Findings:

No verifiable on-chain transactions to charitable organizations were identified
Photos and videos of well construction were shared on social media but cannot be independently verified
Claims represent less than 1% of total funds raised during ICO

Note: While the project claims to have made charitable donations, the on-chain analysis does not show clear evidence of significant funds being directed to charitable organizations. The claimed donations ($300,000) represent less than 0.7% of the total funds raised during the ICO (~$42.76M).

6. Conclusion

Key Findings Summary

ICO and Fund Movement:

The $WATER token raised approximately $42.76 million (318,380 SOL) during its presale in June 2024
Funds were systematically distributed to multiple wallets shortly after the ICO
Significant portions were converted to stablecoins or transferred to exchanges
Limited evidence of substantial charitable donations despite project claims

Price Performance:

All-time high achieved on day one (June 26, 2024): $0.00283
Current price: $0.0000112 (April 30, 2025)
Lost approximately 99.6% of value since ATH
Market capitalization declined from ~$2.5B to ~$771K
Token burns had minimal impact on price performance

Final Assessment:

The $WATER token exhibited several concerning patterns:

The token reached its all-time high on the first day of trading and experienced a continuous decline thereafter, losing over 99% of its value.
The project raised approximately $42.76 million during its ICO, but on-chain analysis shows the funds were quickly distributed across multiple wallets and exchanges rather than being held for project development.
Despite claims of charitable donations, verifiable on-chain evidence of significant funds being directed to water-related causes is limited. The claimed $300,000 in donations represents less than 0.7% of the total funds raised.
The pattern of fund distribution and price action is consistent with projects that prioritize short-term liquidity extraction over long-term value creation.
The current market capitalization represents less than 0.03% of the estimated initial value, indicating a near-complete loss of investor capital.