Brazilian footballing legend Ronaldinho has officially launched a token on the BNB chain, marking his official foray into the blockchain industry.
With celebrities swiftly foraying into the cryptocurrency space, most often resulting in massive losses for investors, Brazilian football icon Ronaldinho has become the latest to launch a meme coin.
Intending to change the pessimistic narrative around celebrity-launched tokens, Ronaldinho chose the BNB Chain instead of the widely used Solana network. The retired star confirmed the official launch of the token, with ticker STAR10, in an X post on March 2.
Ronaldinho Launches Official Token
The former Barcelona player has been active in the cryptocurrency space for some time now. His tweets and activities suggest he is replicating the passion he had on the soccer pitch with the nascent industry.
After teasing the official launch of his meme coin in the previous week, Ronaldinho debuted STAR10 on Sunday. As with most celebrity tokens, the BNB Chain-based asset gained instant traction, hitting the top gainer on the popular analytical platform DEXScreener.
STAR10 has continued its meteoric surge at press time, hitting a new all-time high of $0.3855, a staggering 205,000% uptick in the past 24 hours. The price surge has seen its market cap surpass $360 million.
Traces of Insider Trading Surfaces
Notably, the token has been a success, at least for now, compared to most other celebrity meme coins. This is because it has outlasted most rugpull tokens created recently by popular figures.
Nonetheless, on-chain analysis has shown traces of inside trading among the STAR10 team. Market analytical firm Lookonchain highlighted suspicious activity among a wallet linked to the creators of the meme coin.
The platform noted that a wallet, “0xO1D9,” spent 80 BNB ($50,000) to acquire 122.45 million STAR10 two minutes after launch, about 12.24% of the token’s 1 billion total supply. Lookonchain linked the address to the STAR10 team because it received funds along with the developer wallet from the cross-chain bridging protocol, Allbridge.
At the time of writing, the wallet has sold just 1 million STAR10 ($272,000) and still holds 121.45 million STAR10 ($43.6 million). This means the address has recorded a staggering 87,644% portfolio appreciation from its initial deposit.
Meanwhile, Ronaldinho confirmed in a tweet that the team locked the STAR10’s 200 million liquidity for 30 days and could extend it if need be. Data from the on-chain analytical platform The Data Nerd confirmed the retired footballer’s claims.
Nonetheless, the launch followed Ronaldinho’s unpopular start to his crypto venture. In September 2023, he was arraigned for allegedly defrauding users of $61 million in a crypto pyramid scheme.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
