📢 A new meme coin branded CR7 was launched on the Solana blockchain on August 26, and within six hours, its market capitalization soared to nearly $5 million, driven by advertising and speculative trading.
📈 But the surge was short-lived. The coin plummeted to $359,000, despite recording a cumulative trading volume of $55 million, highlighting the volatility and risk of meme tokens.
This incident reflects previous pump and dump schemes that exploited Cristiano Ronaldo's global fame. While there has been widespread speculation about a 'CR7 digital asset', there is no reliable confirmation of the official launch of any token. Ronaldo's confirmed involvement in Web3 is limited to four NFT collections through Binance since 2022.
Key takeaway: Meme coins can generate massive short-term excitement, but investors must be cautious and rely only on verified sources.
