CR7 Meme Coin Rug Pull Shocks the Market

[umair]

This week, the crypto world witnessed another major rug pull—this time involving a meme coin falsely associated with football legend Cristiano Ronaldo. Dubbed “CR7,” the token gained traction across social media, with hype suggesting it was linked to Ronaldo’s real-world partnerships in crypto. In reality, the coin had no official connection to him.

Within minutes of launch, the CR7 meme coin soared to a staggering $143 million market cap. The frenzy was short-lived. Almost immediately after hitting that peak, the coin’s value collapsed by 98%. It was a classic pump-and-dump scheme. Early insiders and bots took profits while latecomers were left holding worthless tokens.

The scam appears to have been coordinated through social media, with influencers and fake accounts promoting the token aggressively before deleting their posts. Many traders were lured in by FOMO, thinking they were getting in early on the next big celebrity-backed crypto. But the lack of official confirmation from Ronaldo or any legitimate platform should’ve raised red flags.

This event highlights just how easily hype can be manufactured in the meme coin space. The use of celebrity names—without permission—is becoming a popular tactic for scammers. It’s not the first time, and it likely won’t be the last.

For traders and investors, the lesson is clear: always verify. If a coin seems to rely solely on a famous name for credibility, be skeptical. Rug pulls like this happen when people chase quick profits without doing basic research.

In the end, the CR7 meme coin was never about community or utility—it was about exploiting hype. Sadly, many learned that the hard way.