CR7 Meme Coin Scam Alert: $5M Solana Token Crashes

• A fake CR7 meme coin on Solana reached $5 million market cap but crashed to $359,000 within hours despite $55 million in trading volume.

• This marks the second major fraudulent CR7 token after an earlier version hit $143 million and lost 98% of its value almost instantly.

• Cristiano Ronaldo has no official cryptocurrency tokens, and his only verified Web3 involvement is his Binance NFT partnership since 2022.

A fraudulent cryptocurrency token exploiting Cristiano Ronaldo’s CR7 brand experienced a dramatic rise and fall on the Solana blockchain. Within hours, the token reached a $5 million market capitalisation before crashing to near-zero value.

The incident occurred on August 26, marking another chapter in a series of unauthorised tokens capitalising on the soccer star’s global recognition. Despite generating $55.1 million in trading volume, the coin’s value plummeted to just $359,000 by the end of the trading session.

This collapse follows a pattern of speculative trading that has plagued celebrity-themed meme coins across the Solana network. Ronaldo and any cryptocurrency token bearing his name or brand have no official connection.

Previous CR7 Token Reached $143M Before Instant Crash

The current incident represents the second major fraudulent CR7 token launch in recent months. An earlier version achieved a staggering $143 million valuation within 15 minutes before losing 98% of its value almost immediately.

Multiple copycat tokens have emerged on Solana, though most failed to exceed $1 million in market capitalisation. The recurring pattern suggests coordinated efforts to exploit investor enthusiasm around potential celebrity cryptocurrency endorsements.

Blockchain analytics firm Bubblemaps has warned investors about increasing scam activity. Their analysis revealed similar concentration risks in other celebrity-themed tokens, including Kanye West’s YZY coin, where six wallet addresses controlled over 90% of the total supply.

Ronaldo’s legitimate cryptocurrency involvement remains limited to his partnership with Binance. This collaboration began in 2022 and produced four NFT collections but no token launches. The partnership represents his only verified entry into the Web3 space.

Solana Meme Coin Frenzy Fuels Celebrity Token Scams

The broader meme coin ecosystem on Solana has experienced explosive growth. Platform Pump.fun has generated over $800 million in revenue, demonstrating substantial market appetite for new token launches.

This success has attracted numerous opportunistic projects attempting to capitalise on celebrity names without authorisation. The trend reflects broader speculation in the meme coin sector, where tokens can achieve massive valuations based purely on social media hype.

While some investors may profit from short-term price movements, the lack of legitimate backing makes these projects extremely risky. The boom-bust cycles typically result in significant losses for retail investors who enter positions during peak hype periods.

The recurring CR7 token incidents highlight the importance of verifying official endorsements before investing in celebrity-themed cryptocurrencies. Investors should exercise caution and conduct thorough research before participating in speculative token launches.