Last weekend, fake cryptocurrency tokens associated with Cristiano Ronaldo surfaced in the market amid unverified rumors that the football star was planning to launch his own meme coin.
Speculation Around Fake CR7 Tokens
Rumors of a Ronaldo meme coin launch attracted trader attention, but none of the athlete's official channels made any announcements. One of the tokens named after the football star quickly surged to a market cap of $143 million, before plummeting nearly 98% within 15 minutes.
Influence of Social Media on the Market
The drastic rise of the fake token occurred as several influential accounts on social media platform X began promoting it. Many of these posts were deleted shortly after users began to discover the token was fraudulent. Monitoring platform DEX Screener reported that the token peaked at $143.18 million in market cap in just six minutes, followed by a sharp sell-off.
Prospects for a Legitimate CR7 Token
Despite the recent scam, some influencers insist that a legitimate CR7 meme coin will eventually launch, this time with Cristiano Ronaldo's official approval. The Portuguese star signed a multi-year agreement with cryptocurrency exchange Binance in 2022 to release exclusive NFT collections, keeping hopes alive for a future meme token.
The fake tokens linked to Cristiano Ronaldo have demonstrated how speculation and uncertainty can create significant volatility in the cryptocurrency market. The anticipation of a legitimate token continues to maintain trader interest.
