Soccer Legend Ronaldinho Launches Token With 35% Insider Supply: But No Rug Pull Yet

Soccer legend Ronaldinho Gaúcho is the latest public figure to launch their own cryptocurrency. He joins a long list of celebrity-backed meme coins over the past few years with his new STAR10 token.

Ronaldinho launched his token, Star10 (STAR10) on the BNB Chain late yesterday (March 2). In an X post the World Cup winner said “Holding this token grants you exclusive experiences, real benefits, signed collectibles, and even my own AI Agent — built for those who want to be part of history.”

STAR10 Holding Up Surprisingly Well Considering Other Recent Celeb Meme Coins

STAR10 is around 16 hours old at the time of writing and after launching with a five-figure market cap, it quickly mooned to around $250 million, with gains of more than 50x for those who were early enough to catch the launch.

There was then a brief sell-off, down to roughly $160 million in market cap, before the dip was bought up saw STAR10 rise above $300 million.

It is now ranging between $200-250 million, with over $40 million in volume, an insane feat for a token that hasn’t even been live for a full 24-hours.

With the market incredibly jaded by other celebrity meme coin launches and the constant rug pulls that are synonymous with them, it is good to see that STAR10 is holding well right now.

Investor sentiment remains extremely fragile after the $4 billion collapse of Libra (LIBRA), the meme coin endorsed by Argentine President Javier Milei. It plummeted over 95% in value after eight insider wallets withdrew $107 million in liquidity within hours of launch.

Time will tell whether the soccer legend ends up in the same situation as Milei and every other celeb meme coin but the early signs are at least more promising than those before him.

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Tokenomics And Insider Trading For Ronaldinho’s Meme Coin Are Raising Concerns From Many

One aspect of Ronaldinho’s STAR10 token causing some scepticism, are the tokenomics. Many cybersecurity professionals have voiced concerns since the launch yesterday.

The Star10 meme coin’s tokenomics raised some red flags among investors. Per the token website, 35% of the token supply was allocated to insiders, including 20% for Ronaldinho and 15% for the team.

It should be noted that, as part of its tokenomics, 5% of Star10 fees will be donated to social causes chosen by the token’s community.

This small gesture isn’t fully alleviating the crypto community fears that STAR10 will end up as just another LIBRA, TRUMP, etc.

Per the @lookonchain account on X, the STAR10 launch was plagued with insider buying and selling. It claims a wallet related to the team bought more than 12% 122 million STAR10) of the supply for $50,000. Blockchain data shows that the wallet has sold 1 million STAR10 tokens for $270,000.

The worrying part is that due to the increased price of STAR10, the remaining 121 million tokens owned by that wallet are currently worth over $30 million. If this wallet starts dumping its tokens, it can and will kill the project.

Initial worries also arose that the contract’s ownership had not been renounced. Web3 security firm GoPlus Security warned early on that the contract allowed its creator to burn any holder’s tokens at will, effectively enabling them to destroy investor assets without warning.

The contract has since been renounced, and while this eliminates the risk of token destruction, one wallet connected to the Ronaldinho team that owns over 10% of the supply is still a cause for concern.

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