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On March 3, football legend Ronaldinho launched his official cryptocurrency, STAR10, built on Binance Smart Chain.
My new one and ONLY OFFICIAL token is HERE! It’s time to celebrate greatness, passion, and that legendary spirit that NEVER fades 😎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!…
The token promised exclusive benefits, such as signed memorabilia and access to an AI agent, attracting significant investor interest.
Shortly after its release, STAR10 surged over 20%, reaching a peak of $0.29.
The token’s market cap currently stands at nearly $20 million, with a fully diluted valuation of $23.5 million and a trading volume exceeding $26 million, according to CoinGecko.
Source: CoinGecko
The rapid price surge and trading activity have drawn scrutiny, with on-chain data revealing potential insider trading.
Blockchain analytics firm Nansen identified an insider wallet linked to Ronaldinho that profited nearly $4.95 million from the token’s launch.
The wallet reportedly acquired 20.79 million STAR10 tokens for 48 BNB (around $29,247) and has since sold a small portion, leaving a substantial holding worth $4.93 million.
Insider trading concerns rise
Blockchain investigators flagged unusual trading patterns in STAR10’s early market activity.
According to Onchain Lens, the identified insider wallet sold 119,278 tokens for 54 BNB ($33,106) while retaining over 20.68 million tokens.
The revelations have led to accusations of pre-planned profit-taking, raising concerns over transparency in celebrity-backed cryptocurrencies.
The token’s association with a high-profile figure like Ronaldinho amplified initial investor enthusiasm, but the insider trading allegations have cast a shadow over its legitimacy.
Crypto traders on X (formerly Twitter) reacted with scepticism, with some calling STAR10 a “celebrity cash grab” and questioning the long-term viability of such tokens.
Ronaldinho’s crypto past
Ronaldinho’s involvement in cryptocurrency has been marked by past controversies, with accusations of endorsing projects that later collapsed.
In September 2023, he faced legal scrutiny over his alleged ties to 18kRonaldinho, a crypto investment scheme accused of defrauding investors of $61 million.
The project falsely used Ronaldinho’s name and image to lure investors with promises of 2% daily returns, a claim he later denied involvement in.
The football star has also promoted meme coins like WATER and Baby Doge, as well as NFT projects such as Lord Society and World Cup Inu, some of which suffered sharp declines following their initial hype.
Crypto investigator ZachXBT had previously warned investors about Ronaldinho’s crypto ventures, suggesting a pattern of endorsement without accountability.
STAR10’s uncertain future
Despite its initial surge, STAR10’s credibility is now under intense scrutiny.
The emergence of insider trading allegations has raised doubts about the token’s long-term stability.
Investors remain wary, especially given the history of celebrity-backed tokens experiencing sharp price declines once hype subsides.
While Ronaldinho has not publicly addressed the allegations, STAR10’s market performance will likely determine investor confidence.
With increasing regulatory attention on celebrity-endorsed crypto projects, the token’s ability to maintain credibility will be key to its survival in an already volatile market.
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