The dangerous trend of celebrity-themed meme coin scams has struck again. A new token branded as the “CR7” meme coin launched on the Solana blockchain, skyrocketing to a $5 million market cap on pure hype before crashing to near zero in a classic rug pull. This incident mirrors a previous scam that saw investors lose $143 million, highlighting the critical risks in the unregulated meme coin space.
The $5 Million Pump and Dump
According to reports from BlockBeats, the token launched in the early hours of August 26. Fueled by speculation and posts on X (formerly Twitter), it experienced a meteoric rise.
- The Pump: Soared to a $5 million market cap within just six hours.
- The Dump: Crashed shortly after, with its market cap plummeting to just $359,000.
- The Volume: Despite the crash, it recorded a staggering $55.1 million in cumulative trading volume, showing how many traders were caught in the frenzy.
This pattern is a textbook example of a pump-and-dump scheme, where creators hype the asset and then sell their holdings, collapsing the price.
A Recurring, Dangerous Pattern
This is not the first time Ronaldo’s name and fame have been exploited. Earlier this year, another fake CR7 token achieved a $143 million valuation in under 15 minutes before instantly crashing 98%.
Several copycat tokens have appeared on Solana, though most fail to gain significant traction. This recurring theme underscores a massive problem: bad actors are relentlessly targeting the passionate fans of celebrities with these fraudulent launches.
The Official Record: Ronaldo’s Only Web3 Move
It is crucial for investors to know the facts. Cristiano Ronaldo’s only confirmed venture into Web3 is his partnership with Binance, which began in 2022. This collaboration has produced four NFT collections.
There has been no official announcement from Ronaldo, his team, or Binance regarding an “official” CR7 meme coin. Any claims otherwise are false and are designed to create fraudulent hype.
A Word of Extreme Caution
The Solana meme coin ecosystem, while innovative, is rife with risk. Platforms like Pump.fun have generated over $800 million in revenue, showing the immense appetite for new tokens. However, the recent crash of Kanye West’s YZY token—where over 90% of the supply was held by just six wallets—is another stark reminder.
Always Do Your Own Research (DYOR). If something seems too good to be true, it almost always is. Investing in celebrity-themed tokens without verified, official links is incredibly risky and often leads to a total loss. Stick to reputable projects and exchanges to protect your capital.