- CR7 meme coin on Solana collapses following initial surge.
- Anonymous actors orchestrate a $143M rug pull.
- No official involvement or endorsement from Cristiano Ronaldo.
A fraudulent CR7 meme coin on Solana, linked falsely to Cristiano Ronaldo, surged to a $143M market cap before experiencing a 98% crash, described by analysts as a coordinated rug pull.
The swift collapse highlights the dangers of celebrity-endorsed scams in cryptocurrency, affecting Solana’s reputation and emphasizing the need for cautious investment approaches within meme-driven crypto ecosystems.
Fake CR7 Coin Surges, Then Crashes in Rug Pull
The CR7 meme coin on Solana briefly hit a market cap of $143 million before tumbling 98%. Initial investigations by on-chain analysts suggest coordinated actions led to the event. Investors were lured in by false celebrity affiliation.
The token was promoted by anonymous influencers, with tweets from accounts like @Whale_Guru advertising presales, later deleted post-crash. Cristiano Ronaldo and his management had no ties to this cryptocurrency project.
Market impact includes a massive $55 million trading volume, with many investors losing significant funds. Solana ecosystems held the primary engaging liquidity pools, exposed to this coordinated rug pull without other major blockchain impact.
Many investors responded with outrage on social media, tagging communities on Twitter and Discord. This incident mirrored other meme coin scams, falsely touting celebrity endorsements and leading to investor losses.
This fraudulent event parallels prior incidents where tokens falsely claim celebrity ties. Solana’s minimal barriers to token creation facilitate such scams. Recent losses reinforced the need for vigilant investor practices in decentralized ecosystems.
Analysts point to potential regulatory scrutiny to deter similar scams. Historical trends show increased rug pulls in cryptocurrency markets, highlighting the necessity for enhanced security measures and investor education in the crypto industry.
“A group of wallets controlled liquidity, organized flash sell-outs, and disappeared, making an investor lose $9,827 ($1 now).” — Bubblemaps, On-chain Analytics
