Cristiano Ronaldo Memecoin Rugpull Wipes Out Over $143M Market Cap

The post Cristiano Ronaldo Memecoin Rugpull Wipes Out Over $143M Market Cap appeared first on Coinpedia Fintech News

Scammers are always looking for ways to trick investors, often by launching meme coins linked to celebrities or political figures. Over the weekend, several fake tokens popped up using Cristiano Ronaldo’s name after rumors spread that he might release a meme coin. However, there’s no solid evidence to back up those claims. One of these coins even shot up to a $143 million market cap before crashing back down, 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, though many have since taken down their posts. According to blockchain research firm Bubblemaps, the token was probably the work of a coordinated group rather than random individuals.

A lot of the hype came from Ronaldo’s existing partnership with Binance, which began in 2022 and included four NFT drops. But the majority of the fake tokens weren’t even on Binance, they popped up on Solana instead.

At least five different CR7-themed meme coins launched there, but none of them got past a $1 million market cap. The only one that gained real traction was the token hyped by influencers, which shot up to a $143.2 million market cap in just six minutes.

Also read: Fact Check: Is Cristiano Ronaldo Launching His Meme Coin “CR7” on Binance?

The excitement didn’t last, though. According to DEX Screener, the token’s value crashed by 98% over the next few minutes, triggered by a wave of rapid sell-offs from multiple wallets. Data reveals that one buyer spent $9,827 on CR7 tokens, which have now plunged to just $1 in value.

After Kanye West rolled out his YZY token, some influencers likely tried to ride the hype by suggesting Cristiano Ronaldo was about to release one as well. They then created an unofficial token, shared the contract address on their accounts, and drew in investors, only to pull the rug shortly afterward

Is Ronaldo Actually Launching a Memecoin?

Cristiano Ronaldo himself hasn’t made any social media posts about launching a token, apart from his past NFT collections with Binance. Coinpedia also reports that there’s no solid evidence to support the claims.

Crypto investor Loudspotter noted that a supposed “Ronaldo Coin” briefly shot up to a $100 million market cap within minutes after being promoted online. But it turned out to be fake as the promoters quickly pulled the rug and deleted their posts.

In short, the rumors about Ronaldo creating a meme coin are false. Neither the player nor his management have given any indication of such plans.

The hype came shortly after Ye, formerly known as Kanye West, officially launched his own token. His YZY coin soared to a $411.23 million market cap within an hour, according to DEX Screener, before crashing 74% to $105 million in the following 24 hours.