An unofficial CR7 memecoin launched some days ago rose to a $143 million market cap in a few minutes. However, the pump was short-lived as the memecoin crashed by 98%. According to Bubblemaps, a few accounts holding a large volume of the memecoin sold off their bag, leading to a price crash.
As is common to many memecoin rug-pulls, a bunch of X influencers caused FOMO to entice buyers. And even though Cristiano Ronaldo didn’t make any official announcements about a token launch, many investors still fell for the scam.
The Bubblemaps report indicates that some X influencers were involved in these scams, as many deleted their tweets following the memecoin crash.
Kanye West Memecoin Launch May Have Added To FOMO
The recent launch of the official Kanye West memecoin may have made it easier for some X influencers to generate FOMO among retail buyers. Since Kanye West launched an official token a short while ago, this has probably made it easier for investors to believe in a CR7 token launch despite the football superstar not making any comments regarding a launch.
There were a few other fake CR7 memecoin launched on Solana, but none reached a $1 million market cap.
CR7 Token Launch Still Expected
Since the start of his deal with Binance, Cristiano Ronaldo has launched several NFTs over the years. According to chatter among Web3 analysts, an official CR7 may be launching soon. When it does, savvy investors do well to watch for official announcements from the football superstar and his partners.Â
