CR7 Token Crashes 98% in 9 Minutes Amid Suspected Influencer Scheme
A token linked to soccer star Cristiano Ronaldo's name, CR7, briefly reached a market cap of $143 million on cryptocurrency tracking site CoinMarketCap just six minutes after its launch. However, this milestone was short-lived as the token crashed by an astonishing 98% within the next nine minutes.
The sudden drop in value is believed to be due to organized sales executed by several addresses, with some speculating that crypto influencers may have been involved in promoting the token before deleting their posts on social media. On-chain analysis firm Bubblemaps suggested this was likely the case.
No official announcements from Ronaldo regarding any token plans have been made. The incident follows a similar event involving Ye's YZY token launch, which saw a 74% drop in value within 24 hours of reaching $411 million.