CR7 Meme Coin Hits $5M Market Cap Then Dumps Following $143M Rug Pull

A new CR7 meme coin launched on Solana rose to a $5 million market cap before crashing to zero just after. This follows the first fake coin launch, which saw $143M rug pulled.

CR7 Meme Coin’s Meteoric Rise and Sudden Fall

According to BlockBeats, another token branded as CR7 meme coin launched on the Solana blockchain in the early hours of August 26. Within six hours, the token’s market capitalization soared to nearly $5 million, fueled by hype and speculative trading. 

However, the rally didn’t last long.  Hours later, the coin’s value fell rapidly, and its market cap was only $359,000. This comes despite recording $55.1 million in cumulative trading volume.

The sudden pump-and-dump mirrored earlier incidents involving fraudulent tokens that capitalized on Cristiano Ronaldo’s global fame and his ongoing partnership with Binance.

Speculation about Ronaldo launching a digital asset has been circulating for months. This was amplified by many posts on X that hinted at an “official” meme coin. Many of these posts suggested that CR7 could become a dominant player among meme tokens. However, no credible sources or official statements have confirmed such claims.

Ronaldo’s partnership with Binance, which started in 2022 and has resulted in four NFT collections, is his only confirmed entry into Web3. Beyond that, there has been no legitimate confirmation of any token launch.

A Pattern of Fake CR7 Tokens

The latest version of the CR7 meme coin is not the first attempt to exploit Ronaldo’s name. Earlier, another token surged to a $143 million valuation in under 15 minutes before crashing 98% almost instantly. 

Reports also indicate that several copycat CR7 tokens have appeared on Solana in recent months. Most of them failed to cross the $1 million market cap threshold, except the token highlighted in this coverage.

Blockchain analytics platform Bubblemaps has also cautioned investors against the growing number of scams.

This came right after Kanye West’s YZY meme coin debuted on Solana and rapidly hit a market cap of $3 billion. On-chain analysis, however, showed that over 90% of the YZY supply was controlled by just six wallet addresses.  It raises concerns about the dangers of centralization.

Other Solana meme coin platforms have also fueled this wider meme coin frenzy. Pump.fun reportedly made over $800 million in total revenue. This shows that there is a strong interest in new token launches.

A growing trend of opportunistic launches linked to celebrity names is highlighted by the recurring boom-bust cycle of fake CR7 meme coins.  Even though these kinds of projects can yield short-term profits, their lack of legitimacy frequently results in quick crashes.