New CR7 meme coin on Solana soared to $5M before crashing, reviving fears after Ronaldo-linked rug pulls worth $143M.
On the Solana blockchain, a brand-new CR7 meme coin was introduced.
It quickly crashed to zero after reaching a $5 million market cap.
This comes after a $143 million rug pull during the first bogus coin launch.
Rapid Ascent, Abrupt Decline Of Fake CR7 Meme Coin
BlockBeats claims that early on August 26, a currency known as the CR7 meme coin became live on the Solana blockchain.
Due to speculation and anticipation, the token’s market value increased to about $5 million in just six hours.
But the rally was short-lived.
A few hours later, the coin’s market value had dropped sharply to $359,000.
This is the case even though the total trading volume was $55.1 million.
The abrupt pump-and-dump was similar to other counterfeit tokens that took advantage of Cristiano Ronaldo’s international renown and continued collaboration with Binance.
Ronaldo releasing a digital asset has been the subject of months of speculation.
Numerous posts on X that alluded to an “official” meme coin helped to spread the word about this.
According to several of these posts, CR7 might emerge as a primary meme token.
However, official pronouncements or reliable sources have not verified these accusations.
Ronaldo’s only verified foray into Web3 is his collaboration with Binance, which began in 2022 and has produced four NFT collections.
There hasn’t been any official confirmation of any token launch beyond that.
Trend Of Authentic CR7 Tokens
Ronaldo’s name has been used for other purposes, as evidenced by the most recent iteration of the CR7 meme coin.
In less than 15 minutes, the value of another token soared to $143 million before plummeting 98% in an instant.
Additionally, several CR7 token clones have surfaced on Solana recently.
Except for the token mentioned in this article, most fell short of the $1 million market capitalization barrier.
Bubblemaps, a blockchain analytics company, has also warned investors about the rise of scams.
This occurred immediately following Kanye West’s YZY parody coin launch on Solana, which quickly reached a $3 billion market valuation.
However, on-chain investigation revealed that just six wallet addresses held more than 90% of the YZY supply.
It calls into question the risks associated with centralization.
Other Solana meme coin platforms have also driven this broader meme coin craze.
According to reports, Pump.fun generated over $800 million in total income. This indicates a high level of interest in the introduction of new tokens.
The recurrent boom-bust cycle of bogus CR7 meme coins highlights an increasing tendency of opportunistic launches associated with celebrity names.
Despite the potential for short-term financial gain, these initiatives’ lack of legitimacy usually leads to rapid failures.
