Former Brazilian footballer Ronaldinho Gaúcho has unveiled a new cryptocurrency token called STAR10 on the Binance Smart Chain.
The token offers holders exclusive benefits, including signed memorabilia and access to an AI-powered assistant.
Ronaldinho promoted STAR10 on social media, inviting fans to join him in this new venture.
Upon its release, STAR10 experienced an immediate surge in value, climbing over 20% and reaching a peak price of $0.2492. Later, the token was trading at $0.23, reflecting a 13% gain since launch.
Market capitalization
With a circulating supply exceeding 82 million tokens, STAR10 has already amassed a market capitalization of nearly $20 million, with a fully diluted valuation of $241 million. Its trading volume has surpassed $26 million, according to data from CoinGecko.
- Ronaldinho’s involvement in cryptocurrency has not been without controversy. In June 2024, he hinted at a return to the crypto industry, urging his followers to embrace digital assets.
- However, blockchain investigator ZachXBT reminded the public of Ronaldinho’s past associations with questionable crypto projects, including World Cup Inu, Atari Chain, Lord Society NFT, and meme coins like WATER and Baby Doge. Lionel Messi also endorsed the WATER coin alongside Ronaldinho.
One of the most significant scandals involving Ronaldinho was the 18kRonaldinho project, a cryptocurrency initiative linked to a $61 million pyramid scheme that falsely promised investors daily returns of 2%. Ronaldinho denied involvement, claiming his name and image were used without his consent.
What you should know
The launch of STAR10 coincided with a surge in the memecoin sector, with the market cap increasing from $20 billion in January 2024 to over $120 billion by December.
- This 500% rise was fueled by social media hype, celebrity endorsements, and viral trends, boosting coins like DOGE, SHIB, and PEPE.
- DWF Labs noted that community engagement and aggressive marketing strategies were pivotal, while platforms like Twitter and TikTok played crucial roles in spreading ideas quickly and attracting influencers.
- Despite the successful launch, security concerns emerged quickly. Web3 security firm GoPlus Security initially warned that the token contract allowed its creator to burn any holder’s tokens at will. This capability would have let the contract owner destroy investor assets without warning.
This security issue raised red flags among potential investors, especially given recent incidents in the celebrity token space. However, blockchain security firm SlowMist later reported that the token’s creator had renounced ownership over the contract, effectively eliminating this particular risk.
Blockchain analytics firm Onchain Lens revealed that an individual with close ties to Ronaldinho made nearly $5 million in profit through early token purchases.
- This insider reportedly acquired 20.79 million STAR10 tokens for 48 BNB (approximately $29,247). After selling a small portion immediately, the wallet still holds tokens valued at about $4.93 million.
- Another suspicious transaction was reported by Lookonchain. Their analysis found a wallet that purchased 122.45 million STAR10 tokens (12.24% of the total supply) for just 80 BNB ($50,000).
