Rumors regarding Cristiano Ronaldo releasing an official meme coin led to the creation of several fake tokens over the weekend. One particular token boasted a market cap of $143 million before plummeting 98% within 15 minutes. This surge and subsequent crash were likely orchestrated by influencers, as reported by on-chain analysis firm Bubblemaps. The hype surrounding the CR7 token seems to have begun after Ronaldo announced a partnership with Binance, leading to a wave of illegitimate tokens exploiting his name. Despite no official announcements from Ronaldo, the cryptocurrency community reacted quickly. Analysts suspected that the coordinated promotion by influencers aimed to lure investors into investing in these tokens, which quickly disappeared after the initial surge, reflecting a classic rug pull in cryptocurrency markets.

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