After the water-pluging state is over, he enters his slow swimming state. Water-pluging will cause his speed to decrease by 1 Unit per frame.
(Entering his fast-swimming state is possible with correct timing of A presses.) If Mario has speeds >= 134 just before the first frame of water-plunging, ~1/4th of his original speed is retained. Absolute Speed Cap: While holding A, when Mario lands in water from a falling state, he will water-plunge (landing in water) for a certain number of frames (the amount of frames depend on the type of falling state in which enters the water) and then he enters his slow swimming (flutter kick) state.