Ronaldinho Enters Crypto Again: STAR10 Token Launch and Major Past Controversies

Former Brazilian footballer Ronaldinho Gaúcho has stepped into the crypto space once again with the launch of his official token, STAR10. The token, built on the Binance Smart Chain, promises several benefits for holders, including signed collectibles and access to an AI agent.

Announcing the launch on March 3, Ronaldinho expressed excitement about the project. “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!” he posted on the X platform.

Since its release, STAR10 has gained significant attention, surging over 20% and reaching a peak price of $0.2492. At press time, the token has settled at $0.23, reflecting a 13% increase in the last 24 hours.

STAR10’s Market Performance

STAR10 has seen impressive market activity, with a market cap of nearly $20 million and a fully diluted valuation of $241 million. The token’s trading volume has exceeded $26 million, and its circulating supply has surpassed 82 million tokens.

However, despite the initial success, concerns have risen regarding insider trading activity linked to the project.

Insider Wallet Profits from STAR10

Blockchain data from Nansen has revealed that an insider wallet connected to Ronaldinho has made significant profits from the STAR10 launch. According to Onchain Lens, this insider bought 20.79 million STAR10 tokens for 48 BNB ($29,247) before selling a portion for a profit.

“So far, the insider has sold 119,278 STAR10 tokens for 54 BNB ($33,106). The wallet still holds 20.68 million STAR10, valued at $4.93 million,” Onchain Lens reported.

This revelation has led to skepticism among traders, with some questioning whether STAR10 is another celebrity-backed token meant for short-term gains.

Ronaldinho’s Troubled Crypto History

Ronaldinho is also famous for his involvement in controversies in the crypto space. In June 2024, he hinted that he could return to this space, as he stated that crypto was going mainstream. But crypto sleuth ZachXBT was quick to remind everyone of Ronaldinho’s past with dodgy projects.

Over the years, Ronaldinho has promoted several crypto projects, including World Cup Inu, Atari Chain, Lord Society NFT, WATER, and Baby Doge. Some of these projects were suspected to be fake and left investors in losses.

In September 2023, Ronaldinho was accused of being linked to a crypto project called “18kRonaldinho”, which allegedly operated as a $61 million pyramid scheme. The project promised investors daily returns of 2% using Ronaldinho’s name and image for credibility. However, the footballer denied any involvement, claiming his likeness was used without his permission.

Community Reactions and Concerns

With the STAR10 launch and the insider trading reports, many in the crypto community have expressed concerns. Some traders believe that celebrity tokens are losing their appeal, while others remain skeptical about Ronaldinho’s involvement.

Despite these concerns, STAR10 continues to attract investors. Whether this project will succeed or follow the path of Ronaldinho’s past crypto ventures remains to be seen.