On August 25, a new token named after Cristiano Ronaldo launched on the Solana blockchain. The coin, called “CR7,” exploded in value almost instantly, reaching a market capitalization of $143 million within six minutes. Traders rushed in, convinced by claims spreading across social media that the coin had ties to the football star.
But nine minutes later, the story turned upside down. The token’s value collapsed by 98% as insiders dumped their holdings, draining liquidity from the market. Those who bought during the frenzy were left holding tokens that had become almost worthless.
Reports about the scale of the CR7 token collapse vary because several versions of the token were created. The main scam coin is reported to have reached $143 million before crashing, while exchange trackers logged a smaller version that peaked near $5 million, with daily trading volumes above $55 million, before falling to around $359,000. The confusion shows how fast copycat tokens appear during viral events, making it harder for traders to know what they are actually buying.
Ronaldo’s Name Used, But No Official Connection
Despite the branding, Cristiano Ronaldo had no involvement in this cryptocurrency. His only confirmed link to crypto has been through NFT collections launched in partnership with Binance. Neither he nor his representatives announced or endorsed any fungible token.
The use of his name was deliberate. By attaching Ronaldo’s global image to the project, scammers were able to build credibility and attract retail buyers. Yet Binance itself issued no statements suggesting any partnership beyond NFTs, making it clear the CR7 meme coin was an unauthorized creation.
After the collapse, at least five more tokens using Ronaldo’s name appeared on the Solana network. None exceeded a $1 million market cap, but their emergence showed how opportunistic developers attempt to capitalize on public attention even after a scam is exposed.
How Influencers and Insiders Engineered the CR7 Collapse
Social media hype was at the heart of the CR7 rug pull. Influencers shared posts claiming the token was linked to Ronaldo or predicting huge profits for early buyers. These posts disappeared once the price crashed, suggesting coordinated efforts to drive traders into the scheme.
On-chain analytics firm Bubblemaps confirmed wallet clustering that indicated insider control of large parts of the supply. When these wallets sold CR7 token at the same time, the price collapsed, leaving late buyers unable to exit. This behavior matched the textbook definition of a rug pull, where developers and insiders profit while retail investors take the losses.
The red flags were visible from the start. The developers were anonymous, there was no whitepaper or roadmap, and the market cap surged in minutes without any sustainable reason. Liquidity drained far too quickly for a legitimate project. Finally, the disappearance of promotional posts after the crash exposed the artificial nature of the hype.
The CR7 collapse underlines a broader risk in crypto: celebrity-themed tokens remain easy tools for manipulation. Investors drawn in by famous names often overlook due diligence, creating perfect conditions for pump-and-dump schemes.
