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Ronaldinho's STAR10 token hits $397M amid insider concerns

Ronaldinho's STAR10 token hits $397M amid insider concerns

GrafaGrafa2025/03/04 06:50
By:Liezl Gambe

Brazilian soccer legend Ronaldinho Gaúcho has entered the cryptocurrency space with the launch of his STAR10 (CRYPTO:STAR10) token on the BNB Chain, marking a significant foray into celebrity-backed digital tokens.

The token, designed to bridge football and blockchain technology, offers holders exclusive experiences, signed collectibles, and access to Ronaldinho's AI agent.

Within hours of its launch, STAR10 reached a market capitalisation of $397 million before settling at around $274 million.

However, the token's success has been overshadowed by concerns over insider trading and security vulnerabilities.

A significant portion of the token supply, 35%, is allocated to insiders, including 20% held by Ronaldinho himself.

Security firm GoPlus initially warned that the token contract allowed its creator to burn any holder's tokens without warning, raising serious cybersecurity concerns.

However, ownership over the contract has since been renounced, mitigating this risk.

"Legends are not born… THEY ARE FORGED. And YOU can choose to be a part of it. Get your $STAR10 NOW. Let’s make history together!" stated Ronaldinho, emphasising the token's potential.

Despite these promises, industry watchers remain cautious due to past controversies in the memecoin space.

The STAR10 project also includes a philanthropic component, with 5% of fees allocated to social causes chosen by the community.

This aspect aims to add tangible value beyond speculative trading.

As Anastasija Plotnikova, co-founder of Fideum (CRYPTO:FI), noted, investors must differentiate between genuine collectibles and fraudulent activities in the memecoin market.

The STAR10 token's rapid market performance and insider concerns highlight the challenges facing celebrity-backed cryptocurrencies.

At the time of reporting, the Ronaldinho Coin (STAR10) price was $0.157.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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