Soccer legend Ronaldinho Gaúcho is the latest celebrity to launch a cryptocurrency, introducing the STAR10 token. This move sees him join a growing trend of celebrity-backed cryptocurrencies.

Ronaldinho launched STAR10 on the BNB Chain on March 2. In a recent social media post, he stated, > “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 Performing Strongly Amidst Recent Meme Coin Trends

Just 16 hours post-launch, STAR10 quickly surged to a market cap of approximately $250 million, a notable 50x increase for early investors. Despite a brief sell-off down to around $160 million, the token regained momentum, soaring past $300 million in market capitalization.

Investor sentiment remains cautious, as past celebrity meme coins have been notorious for ‘rug pulls’. One such case involved Javier Milei’s LIBRA coin, which collapsed by over 95% shortly after its launch.

Concerns About Tokenomics and Insider Trading

The tokenomics of STAR10 have raised eyebrows, as 35% of the total supply is allocated to insiders, including 20% for Ronaldinho himself. Despite a commitment that 5% of fees will be donated to social causes, many investors fear STAR10 could follow the path of other celebrity-backed coins that have turned out to be scams.

As per blockchain reports, concerns surfaced regarding insider trades involving team wallets, igniting worries about excessive holdings that could negatively impact the project.

For further details and updates, visit the token’s official website.