Former Brazilian football star Ronaldinho has officially launched his STAR10 token on BNB Chain, marking his entry into the Web3 world. Despite initial enthusiasm, the launch was accompanied by insider trading allegations, raising concerns among investors.
What is STAR10?
STAR10 is Ronaldinho’s official crypto token, blending football, Web3, and fan engagement. It offers signed memorabilia and digital collectibles, exclusive VIP experiences like meet-and-greets and private events, and community-driven initiatives. Ronaldinho emphasized that STAR10 is not a typical meme coin but a long-term vision designed to provide real-world value.
A Rocky Start: Market Volatility & Insider Trading Allegations
Following the launch, STAR10’s market cap skyrocketed to $300 million but soon dropped to $200 million, raising investor concerns. Blockchain analytics platforms like Onchain Lens and Lookonchain reported suspicious transactions linked to the token. Onchain data revealed that an insider closely linked to Ronaldinho initially invested $29,247 and ultimately earned $4.94 million, fueling suspicions of market manipulation.
Community Concerns: Is STAR10 Worth the Investment?
Ronaldinho has a history of crypto-related scandals, including the 18kRonaldinho scam in 2023, which damaged his credibility in the blockchain space. Amid insider trading allegations and the token’s high volatility, some investors remain cautious about STAR10’s sustainability. While the token has the potential to revolutionize fan engagement through Web3, the early red flags caution against the need for due diligence.
While STAR10 has the potential to be a groundbreaking fan engagement project, the early warning signs call for investor caution and examination of the project's transparency and execution.
