Former Brazilian footballer Ronaldinho Gaúcho has unveiled a new cryptocurrency token called STAR10 on the Binance Smart Chain.
The token offers holders exclusive benefits, including signed memorabilia and access to an AI-powered assistant.
Ronaldinho promoted STAR10 on social media, inviting fans to join him in this new venture.
Upon its release, STAR10 experienced an immediate surge in value, climbing over 20% and reaching a peak price of $0.2492. Later, the token was trading at $0.23, reflecting a 13% gain since launch.
With a circulating supply exceeding 82 million tokens, STAR10 has already amassed a market capitalization of nearly $20 million, with a fully diluted valuation of $241 million. Its trading volume has surpassed $26 million, according to data from CoinGecko.
One of the most significant scandals involving Ronaldinho was the 18kRonaldinho project, a cryptocurrency initiative linked to a $61 million pyramid scheme that falsely promised investors daily returns of 2%. Ronaldinho denied involvement, claiming his name and image were used without his consent.
The launch of STAR10 coincided with a surge in the memecoin sector, with the market cap increasing from $20 billion in January 2024 to over $120 billion by December.
This security issue raised red flags among potential investors, especially given recent incidents in the celebrity token space. However, blockchain security firm SlowMist later reported that the token’s creator had renounced ownership over the contract, effectively eliminating this particular risk.
Blockchain analytics firm Onchain Lens revealed that an individual with close ties to Ronaldinho made nearly $5 million in profit through early token purchases.