Brazilian football legend Ronaldinho Gaúcho has launched his official token, STAR10, on Binance Smart Chain. However, shortly after its debut, on-chain data suggests insider wallets may have profited significantly from the launch, raising concerns about transparency.
STAR10 Token Launch and Market Performance
On March 3, Ronaldinho announced the release of STAR10, a token designed to offer users various benefits, including signed collectibles and access to an AI Agent. In his promotional post, the football icon encouraged fans to join the movement, stating, “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!”
Since its launch, STAR10 has seen a surge of over 20%, reaching a peak price of $0.2492 before stabilizing at $0.23. According to CoinGecko, the token currently holds a market cap of nearly $20 million, with a fully diluted valuation of $241 million and a trading volume exceeding $26 million. The circulating supply stands at over 82 million tokens.
Insider Trading Allegations
Despite its early success, on-chain analysis from Nansen has revealed troubling activity linked to insider wallets. Data from Onchain Lens shows that an insider associated with Ronaldinho purchased 20.79 million STAR10 tokens for 48 BNB (around $29,247). The wallet has already sold 119,278 STAR10 for 54 BNB ($33,106) while still holding 20.68 million STAR10, valued at approximately $4.93 million.
These findings have sparked skepticism within the crypto community, with many traders on X voicing concerns about potential manipulation. Some critics argue that “celebrity tokens are dead,” while others recall Ronaldinho’s previous controversies in the crypto space.
Ronaldinho’s Troubled History with Crypto
This is not the first time Ronaldinho has faced scrutiny over cryptocurrency projects. In June 2024, he hinted at a return to the crypto industry, stating that it was time for digital assets to “go mainstream.” His announcement was met with skepticism from crypto investigator ZachXBT, who pointed out Ronaldinho’s involvement in multiple controversial crypto projects and alleged pump-and-dump schemes.
Ronaldinho has previously promoted several digital assets, including World Cup Inu, Atari Chain, Lord Society NFT, and meme coins like WATER and Baby Doge. Fellow football star Lionel Messi also endorsed WATER alongside him.
In September 2023, Ronaldinho’s name was linked to the “18kRonaldinho” crypto project, which was accused of being a $61 million pyramid scheme. The project falsely promised investors a 2% daily return and used Ronaldinho’s name and image for credibility. The footballer denied any involvement, claiming his likeness was used without his consent.
The launch of STAR10 has once again placed Ronaldinho in the center of a crypto controversy. While the token has gained significant traction in the market, insider trading allegations and the footballer’s past crypto involvements have cast doubt over its legitimacy. As scrutiny intensifies, investors and regulators will be closely watching how this situation unfolds.
