Scammers are always looking for ways to mislead investors, often by launching meme coins that are linked to celebrities or political figures. At the weekend, various fake tokens showed up with the name of Cristiano Ronaldo after rumors spread that he could release a meme. However, there is no solid evidence to support those claims. One of these coins even shot a market capitalization of $ 143 million before he crashed again, all within just 15 minutes.
Fake CR7 Coin Tricks Investors
The so-called CR7 token, named after Ronaldo’s famous nickname, was pushed online by a number of influencers, although many have removed their posts since then. According to Blockchain research agency Bubblemaps, Token was probably the work of a coordinated group instead of random individuals.
Much of the hype came from Ronaldo’s existing collaboration with Binance, which started in 2022 and four NFT drops. But the majority of the fake tokens was not even on Binance, they came to Solana instead.
At least five different meme coins with CR7 theme were launched there, but none of them passed a market capitalization of $ 1 million. The only one who received real traction was the token hyped by influencers, who shot in just six minutes to a market capitalization of $ 143.2 million.
Also read: Fact control: does Cristiano Ronaldo launch his meme -coin “CR7” on Binance?
However, the excitement did not last. According to Dex Screener, the value of the token crashed by 98% in the coming minutes, caused by a wave of rapid sale of multiple portfolios. Data shows that a buyer has spent $ 9,827 on CR7 tokens, which have now fallen to just $ 1 in value.
After Kanye West had rolled out his Yzy token, some influencers probably tried to drive the hype by suggesting that Cristiano Ronaldo would also release one. They then created an unofficial token, shared the contract address on their accounts and attracted investors, just to pull the carpet shortly thereafter
Is Ronaldo actually launching a memecoin?
Cristiano Ronaldo himself has not posted any social media messages about launching a token, apart from his earlier NFT collections with Binance. Coinpedia also reports that there is no solid evidence to support the claims.
Crypto Investor Loudspotter noted that an assumed “Ronaldo Coin” briefly shot to a market capitalization of $ 100 million within a few minutes after he was promoted online. But it turned out to be fake when the promoters quickly pulled the carpet and removed their poles.
In short, the rumors about Ronaldo that creates a meme -Munt are incorrect. Neither the player nor his management have given any indication of such plans.
The hype came shortly after Ye, previously known as Kanye West, officially launched his own sign. His Yzy Munt rose to a market capitalization of $ 411.23 million within an hour, according to Dex Screener, before he crashed 74% to $ 105 million in the next 24 hours.