Outside Source
Former Brazilian football player, Ronaldinho Gaúcho has launched his official token, STAR10. Shortly after, on-chain data alludes to insider wallets making profit from it.
On March 3, Ronaldinho announced the launch of his official token, dubbed STAR10. According to the former football player’s post, the Binance Smart Chain-based token is meant to grant users several benefits, including signed collectibles and access to an AI Agent.
“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 wrote in his recent post.
Not long after, STAR10 has soared more than 20%. Since its launch, it has reached a peak price of $0.2492. At press time, the token has gone up by 13%. STAR10 is currently trading hands at $0.23, according to data from CoinGecko.
So far, STAR10 has accumulated a market cap of nearly $20 million and a fully diluted valuation of $241 million. The token’s trading volume stands at more than $26 million. The newly-launched token has a circulating supply of more than 82 million coins on the market.
However, on-chain data from Nansen has shown that an insider wallet linked to Ronaldinho has profited off the new token launch, making as much as $4.95 million. According to Onchain Lens, the insider bought 20.79 million STAR10 tokens for 48 BNB (BNB) or equal to $29,247.
“So far, the insider has sold 119,278 $STAR10 for 54 $BNB ($33,106). The insider still holds 20.68M $STAR10, valued at $4.93M,” wrote Onchain Lens.
Many traders on X have remained skeptical of the football star’s token. Some are claiming that “celebrity tokens are dead” and others were quick to bring up Ronaldinho’s past controversies regarding previous crypto projects.
Ronaldinho’s past crypto controversies
Back in June 2024, Ronaldinho had hinted at a possible return to the crypto space. He posted that he believed it was time for crypto to “go mainstream” and asked his followers to join him. This declaration was met with skepticism from crypto sleuth ZachXBT.
At the time, Zach brought up the former football star’s past involvement in controversial crypto project which resulted in multiple pump-and-dump schemes.
In the past, Ronaldinho had promoted various crypto projects such as World Cup Inu, Atari Chain, Lord Society NFT and well-known meme coins WATER and Baby Doge. Fellow football legend Lionel Messi also joined Ronaldinho in promoting WATER.
In September 2023, Ronaldinho’s name was embroiled in scandal after he was accused of being linked to a crypto project called “18kRonaldinho,” which allegedly involved a $61 million pyramid scheme.
The athlete immediately denied those accusations, firmly asserting that his likeness was used without his permission to promote the coins. The project falsely advertised daily returns of 2% on crypto investments, using the football star’s name and image to bolster credibility.
This article first appeared at crypto.news
