Cristiano Ronaldo coin shakes up the cryptocurrency market

A series of fake Cristiano Ronaldo tokens exploded thanks to rumors of a meme coin launch, including a token that reached a market capitalization of 143 million USD, then collapsed in just a few minutes.

Ronaldo's reputation exploited by cryptocurrency scammers

Over the weekend, several tokens based on soccer superstar Cristiano Ronaldo suddenly appeared, following rumors that he was about to launch a meme coin. However, it all seems to have remained just rumors, as no credible sources have been able to confirm it. One of these tokens reached a market cap of $143 million before crashing 98% — all within minutes.

CR7, inspired by Ronaldo's nickname, has been promoted by many influencers. Most of them have since deleted their posts. On-chain analytics firm Bubblemaps believes it is an organized campaign.

“It’s possible that after Kanye West launched YZY, some influencers jumped on the bandwagon and announced that Cristiano Ronaldo would also be launching a token, using their own accounts to promote it. They then launched a token that was not endorsed by Ronaldo, posted the contract address, lured investors into investing, and then quickly withdrew it all,” said anonymous analyst 0xToolman from Bubblemaps.

Image of the "seduction" group used to promote CR7 coin

Much of the buzz has been tied to Ronaldo’s partnership with Binance, which began in 2022 with four NFT collectibles. However, the majority of the fake tokens have been deployed on Solana. At least five other CR7 tokens have launched on the network, but none have surpassed the $1 million market cap mark.

Only the influencer-promoted token made waves, reaching a market cap of $143.18 million in just six minutes. But the excitement quickly died down: in the next nine minutes, the token plunged 98% (according to data from DEX Screener). The cause was a series of consecutive sell orders from many wallets, Bubblemaps said.

So far, Ronaldo has not made any moves on social media about releasing an official token, other than NFT collectibles in partnership with Binance.

Source: https://znews.vn/dong-coin-cristiano-ronaldo-gay-rung-dong-thi-truong-tien-ao-post1580020.html