A new CR7 meme coin on Solana grabbed attention by briefly hitting a $5 million market cap before collapsing. This follows earlier scams that used Cristiano Ronaldo’s name, including a $143 million token that plummeted almost instantly. Analysts warn investors to be cautious amid rising celebrity-linked crypto copycats.
New CR7 Meme Coin Pumps and Dumps
On August 26, a new CR7-branded token launched on the Solana blockchain. Within just six hours, its market cap surged to nearly $5 million thanks to hype and speculative trading. However, the rally was short-lived. The coin’s value fell sharply, dropping the market cap to just $359,000, despite a cumulative trading volume of $55.1 million.
This incident echoes prior scams leveraging Ronaldo’s global fame. Rumors about Ronaldo launching a digital token circulated on social media platforms like X, creating excitement. However, no official statements confirm the launch of any legitimate CR7 token.
Ronaldo’s Web3 Involvement
Cristiano Ronaldo’s confirmed entry into Web3 is limited to his partnership with Binance since 2022, which resulted in four NFT collections. Beyond this, there is no official CR7 cryptocurrency. Many of the meme coins claiming association with Ronaldo are opportunistic copycats designed to attract short-term speculation.
A Pattern of Fake CR7 Tokens
This latest token is not the first attempt to exploit Ronaldo’s name. Previously, a fake CR7 coin reached a $143 million valuation in under 15 minutes before crashing 98% almost instantly. Several copycat tokens have appeared on Solana, most failing to surpass $1 million in market cap, except for the most recent case.
Blockchain analytics platform Bubblemaps has warned investors about the rising number of scams, highlighting the dangers of unverified celebrity-linked tokens.
Celebrity Meme Coins and Market Risks
The craze for celebrity tokens isn’t limited to Ronaldo. Kanye West’s YZY meme coin on Solana recently hit a $3 billion market cap, but over 90% of the supply was controlled by just six wallets. Similar platforms, like Pump.fun, have generated over $800 million in revenue, showing high investor interest but also centralization risks.
Opportunistic meme coin launches create a boom-and-bust cycle. While short-term profits are possible, lack of legitimacy often results in rapid crashes, making caution essential for traders.
What Investors Should Know
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CR7 meme coins on Solana are mostly unverified and speculative.
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Previous scams have caused market caps to surge and collapse within minutes.
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Celebrity association does not guarantee legitimacy.
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Always check official sources before investing in token launches.
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Use caution with new meme coins to avoid falling victim to rug pulls.
FAQs
1. Did Ronaldo launch the CR7 meme coin?
No. Cristiano Ronaldo has only partnered with Binance for NFT collections. Any coins claiming his name are unofficial.
2. What happened to the latest CR7 token?
It briefly reached a $5 million market cap before crashing to near zero within hours.
3. Have similar scams happened before?
Yes, a prior CR7 token hit $143 million before losing 98% of its value almost instantly.
4. Why are celebrity meme coins risky?
These coins often rely on hype, are unregulated, and can be easily manipulated, leading to rapid losses.
5. How can investors protect themselves?
Always verify official announcements, check token distribution, and avoid investing solely based on celebrity names.