Soccer legend Ronaldinho Gaúcho is the latest public figure to launch a cryptocurrency, joining the growing trend of celebrity-backed memecoins.
Ronaldinho launched his official memecoins Star10 (STAR10) on the BNB Chain on March 3.
“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,” Ronaldinho wrote in a March 3 X post.
As part of its tokenomics, 5% of Star10’s fees will be donated to social causes chosen by the token’s community.
Source: Ronaldinho
Within 10 hours of the token’s launch, Star10 peaked at a $397 million market capitalization at 9:00 am UTC before retreating to the current $274 million, Dexscreener data shows.
However, Ronaldinho’s new memecoin launch raised tokenomics and cybersecurity-related concerns amid industry watchers.
Investor sentiment remains fragile after the $4 billion collapse of Libra (LIBRA) — a memecoin endorsed by Argentine President Javier Milei — which plummeted 94% in value after eight insider wallets withdrew $107 million in liquidity within hours of launch.
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Ronaldinho’s memecoin raises security, tokenomics concerns
The Star10 memecoin’s tokenomics have raised some red flags among investors, considering that 35% of the token supply is allocated to insiders, including 20% for Ronaldinho and 15% for the team, according to the token’s homepage.
However, five insider wallets holding the majority of Star10 have not sold any coins and have instead added liquidity to trading pools, onchain analyst The Data Nerd noted in a March 3 post on X.
Related: Memecoins: From social experiment to retail ‘value extraction’ tools
Flashing an optimistic signal for investors, the token’s creator has “just renounced ownership” over the token contract, according to blockchain security firm SlowMist.
Initially, security experts flagged the token as a potential risk, pointing out that its ownership had not been renounced. Web3 security firm GoPlus Security warned that the contract allowed its creator to burn any holder’s tokens at will, effectively enabling them to destroy investor assets without warning.
While the renouncement eliminates the risk of token destruction, the broader memecoin market remains under scrutiny.
Investors will need to distinguish between memecoins that can be seen as genuine “collectibles” and “outright fraudulent activities” like rug pulls which are “not only unethical but also clearly illegal, with case law to support enforcement,” Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum told Cointelegraph.
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