Brazilian soccer legend Ronaldinho launches STAR10 cryptocurrency token 

Former Brazilian footballer Ronaldinho Gaúcho has unveiled a brand new cryptocurrency token referred to as STAR10 on the Binance Good Chain.

The token presents holders unique advantages, together with signed memorabilia and entry to an AI-powered assistant.

Ronaldinho promoted STAR10 on social media, inviting followers to affix him on this new enterprise.

Upon its launch, STAR10 skilled a right away surge in worth, climbing over 20% and reaching a peak value of $0.2492. Later, the token was buying and selling at $0.23, reflecting a 13% achieve since launch.

Market capitalization  

With a circulating provide exceeding 82 million tokens, STAR10 has already amassed a market capitalization of almost $20 million, with a completely diluted valuation of $241 million. Its buying and selling quantity has surpassed $26 million, in response to information from CoinGecko.

• Ronaldinho’s involvement in cryptocurrency has not been with out controversy. In June 2024, he hinted at a return to the crypto trade, urging his followers to embrace digital belongings.
• Nonetheless, blockchain investigator ZachXBT reminded the general public of Ronaldinho’s previous associations with questionable crypto initiatives, together with World Cup Inu, Atari Chain, Lord Society NFT, and meme cash like WATER and Child Doge. Lionel Messi additionally endorsed the WATER coin alongside Ronaldinho.

One of the vital important scandals involving Ronaldinho was the 18kRonaldinho venture, a cryptocurrency initiative linked to a $61 million pyramid scheme that falsely promised buyers day by day returns of two%. Ronaldinho denied involvement, claiming his title and picture had been used with out his consent.

What you must know 

The launch of STAR10 coincided with a surge within the memecoin sector, with the market cap growing from $20 billion in January 2024 to over $120 billion by December.

• This 500% rise was fueled by social media hype, celeb endorsements, and viral tendencies, boosting cash like DOGE, SHIB, and PEPE.
• DWF Labs famous that neighborhood engagement and aggressive advertising methods had been pivotal, whereas platforms like Twitter and TikTok performed essential roles in spreading concepts rapidly and attracting influencers.
• Regardless of the profitable launch, safety issues emerged rapidly. Web3 safety agency GoPlus Safety initially warned that the token contract allowed its creator to burn any holder’s tokens at will. This functionality would have let the contract proprietor destroy investor belongings with out warning.

This safety challenge raised crimson flags amongst potential buyers, particularly given latest incidents within the celeb token area. Nonetheless, blockchain safety agency SlowMist later reported that the token’s creator had renounced possession over the contract, successfully eliminating this specific danger.

Blockchain analytics agency Onchain Lens revealed that a person with shut ties to Ronaldinho made almost $5 million in revenue by way of early token purchases.

• This insider reportedly acquired 20.79 million STAR10 tokens for 48 BNB (roughly $29,247). After promoting a small portion instantly, the pockets nonetheless holds tokens valued at about $4.93 million.
• One other suspicious transaction was reported by Lookonchain. Their evaluation discovered a pockets that bought 122.45 million STAR10 tokens (12.24% of the whole provide) for simply 80 BNB ($50,000).