On March 3, 2025, Brazilian football star Ronaldinho Gaúcho launched a meme coin called STAR10 on the BNB Chain.
On March 3, 2025, Brazilian football star Ronaldinho Gaúcho launched a meme coin called STAR10 on the BNB Chain. The coin promises his fans exclusive experiences, signed collectibles, and other benefits. STAR10 quickly gained attention, reaching a market cap of $397 million within 10 hours, though it later dropped to $274 million.
The token's launch was controversial due to its tokenomics. A large portion, 35%, of the total supply was allocated to insiders, with Ronaldinho receiving 20% and his team 15%. This raised concerns, as such high allocations are rare in crypto projects. Blockchain analytics firm Onchainlens noted that one of the team wallets had made a profit of nearly $5 million after investing just $29,247 in STAR10 tokens.
Another significant issue came to light when the token’s smart contract was found to allow the creator to burn tokens from holders' wallets. This gave Ronaldinho and his team the ability to destroy holders' tokens at will, undermining the idea of decentralized ownership. GoPlus Security issued a warning about this vulnerability. Ronaldinho later addressed this on social media, stating that the ownership had been renounced and that tokens could no longer be destroyed.
Despite the assurances, STAR10 faced comparisons to other celebrity-backed tokens that have failed. One such example is the LIBRA token, endorsed by Argentine President Javier Milei, which saw a 94% drop in value after insiders withdrew $107 million. Concerns over insider trading were raised when an early wallet linked to the STAR10 team purchased 12% of the coin's total supply before the official launch.
Ronaldinho’s involvement with cryptocurrencies is not without controversy. In 2022, he launched the RON token, which struggled to gain traction, and also promoted World Cup Inu, which surged briefly before crashing. In 2023, Ronaldinho denied any involvement in the "18K Ronaldinho" Ponzi scheme, which promised returns of up to 400% before collapsing, leading to a $61 million lawsuit.
The launch of STAR10 has sparked skepticism among investors, especially considering Ronaldinho's past involvement in less successful projects. Many are cautious about the potential risks of celebrity-endorsed meme coins, which can be volatile and prone to sudden crashes. The situation highlights ongoing concerns about the centralization of token ownership and the potential for insider manipulation in the crypto space.
STAR10 has generated significant interest, but its launch has been marred by issues of centralization, insider trading, and the broader risks associated with celebrity-driven cryptocurrency projects.
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