Key Points
The supposed CR7 digital token, linked to Cristiano Ronaldo, saw a brief surge before an alleged “rug pull” collapse, illustrating the dangers of celebrity endorsements in the volatile cryptocurrency market and how quickly they can be exploited.
Following 2024’s wave of celebrity-linked digital tokens, some of which experienced rapid growth while others turned out to be scams, this trend is predicted to continue into 2025.
Prominent figures, like former U.S. President Donald Trump, are continuing to engage with the expansive $4 trillion digital asset space.
Was a Cristiano Ronaldo Digital Token Actually Launched?
Attention has now turned to Cristiano Ronaldo, the globally recognized soccer star.
Speculation surrounding a Ronaldo-inspired cryptocurrency, called CR7, circulated within the crypto sphere after various social media accounts shared what appeared to be launch announcements.
Source: Sarah milady/X
These posts made optimistic claims, projecting that the CR7 token would quickly become a leading cryptocurrency.
However, the excitement was fleeting and tumultuous.
The token’s market capitalization reportedly soared to $140 million within a few hours before plummeting.
Crypto analyst Loudspotter pointed out that promotional posts generated a surge to almost $100 million in market capitalization in just a matter of minutes.
Source: Loudspotter/X
Was This a Cryptocurrency Scam?
Some of the promotional content was quickly taken down, and the initiative dissolved into what many are calling a classic “rug pull” scam.
Reportedly, the alleged scam played out on the Solana [SOL] blockchain, where promoters launched the cryptocurrency, built up excitement, and then disappeared within 20 minutes, allegedly stealing approximately $50,000 across multiple digital wallets.
This event has been referred to as a “$100 million scam using Ronaldo’s name,” highlighting the speed with which celebrity associations can be misused in the digital token world.
However, legitimate projects based around soccer are also starting to gain traction.
What Else is Happening?
Ezzak, from Messari, published a report regarding Football.fun, an emerging consumer app on Base.
The report looked at the top 10 soccer players featured on the app, many of whom are contenders for the 2025 Ballon d’Or award. The report highlighted their current token values, average investment amounts, and weekly trade volumes.
The analysis aims to help collectors and investors discover potentially valuable opportunities before the award ceremony, saving them the time and effort of analyzing the raw data themselves.
As of now, neither Ronaldo nor his team have released any official information about a CR7 digital token, with these rumors possibly connected to his prior NFT partnership with Binance.
This occurred at the same time as Kanye West’s YZY token increased by 1,400% to reach $3 billion before losing 70% of its value.