In brief
- Rumors circulated the internet over the weekend that Cristiano Ronaldo was set to release an official meme coin.
- As a result, several fake tokens were launched with one touching a $143 million market cap before crashing down 98% all within 15 minutes.
- On-chain analysis firm Bubblemaps told Decrypt it was likely an organized effort from a group of crypto influencers.
A spree of fake tokens inspired by soccer icon Cristiano Ronaldo cropped up over the weekend, thanks to rumors he was about to release a meme coin. But they don’t appear to be more than rumors as Decrypt could not find any credible sources on the matter.
One of the tokens reached a $143 million market cap before crashing 98%—all in just 15 minutes.
The CR7 token, based on the athlete’s nickname, appears to have been promoted by several influencers. But most of them have already deleted their posts. On-chain analyst firm Bubblemaps believes the fake meme coin was likely an organized group effort.
“It is likely that after Kanye West launched YZY, some influencers jumped onto the wav
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Author: Ryan Gladwin
