Fake CR7 Token Surges Then Crashes In Minutes

Ronaldo’s Name Exploited in the Crypto Space

Over the weekend, several tokens linked to football superstar Cristiano Ronaldo suddenly appeared following rumors that he was about to launch a meme coin. However, no credible source has confirmed this information.

Among them, a token called CR7 briefly reached a $143 million market cap before collapsing by 98% within just minutes due to a wave of sell-offs. The incident highlights the extreme risks of unverified crypto projects.

A Coordinated Scam Campaign?

On-chain analytics firm Bubblemaps suggested that multiple influencers promoted the CR7 token before deleting their posts. According to anonymous analyst 0xToolman, this could have been a coordinated scam:

 - Influencers capitalized on hype after Kanye West launched YZY coin.

 - They falsely claimed Cristiano Ronaldo would release a token.

 - They shared a fake contract address to lure investors.

 - Once money poured in, they dumped everything and disappeared.

The 'seduction' group uses images to promote the CR7 coin.

Binance Connection Only Rumors

Cristiano Ronaldo partnered with Binance in 2022 through four NFT collections, but he has never confirmed launching a personal token. Interestingly, most fake CR7 tokens were deployed on the Solana network. At least five versions were created, none surpassing a $1 million market cap.

Only the influencer-backed token briefly surged, hitting $143M in six minutes before crashing 98% in the following nine minutes, according to DEX Screener data.

Ronaldo Remains Silent

So far, Cristiano Ronaldo has made no statement on social media regarding any official token launch, aside from his NFT collaborations with Binance.

Disclaimer: The content above reflects the author’s personal views and does not represent any official position of Cobic News. The information provided is for informational purposes only and should not be considered as investment advice from Cobic News.