Soccer legend Ronaldinho Gaúcho is the newest public determine to launch a cryptocurrency, becoming a member of a rising development of celebrity-backed memecoins.
Ronaldinho launched his memecoin Star10 (STAR10) on the BNB Chain on March 3.
“Holding this token grants you unique experiences, actual advantages, signed collectibles, and even my very own AI Agent — constructed for many who need to be a part of historical past,” Ronaldinho wrote in a March 3 X publish.
As a part of its tokenomics, 5% of Star10’s charges can be donated to social causes chosen by the token’s group.
Supply: Ronaldinho
Inside 10 hours of the token’s launch, Star10 peaked at a $397 million market capitalization at 9:00 am UTC earlier than retreating to $274 million, Dexscreener information confirmed.
STAR10/WBNB, market cap, all-time chart. Supply: Dexscreener
Nonetheless, Ronaldinho’s new memecoin launch raised tokenomics and cybersecurity-related considerations amid trade watchers.
Investor sentiment stays fragile after the $4 billion collapse of Libra (LIBRA) — a memecoin endorsed by Argentine President Javier Milei — which plummeted 94% in worth after eight insider wallets withdrew $107 million in liquidity inside hours of launch.
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Ronaldinho’s memecoin raises safety, tokenomics considerations
The Star10 memecoin’s tokenomics raised some pink flags amongst buyers, contemplating that 35% of the token provide was allotted to insiders, together with 20% for Ronaldinho and 15% for the group, in response to the token’s homepage.
Star10 tokenomics. Supply: Start10token
Nonetheless, 5 insider wallets holding nearly all of Star10 had not bought any cash and had as an alternative added liquidity to buying and selling swimming pools, onchain analyst The Information Nerd famous in a March 3 publish on X.
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Nonetheless, the token’s creator has since renounced possession over the token contract, in accordance to blockchain safety agency SlowMist.
Initially, safety specialists flagged the token as a possible threat, mentioning that its possession had not been renounced. Web3 safety agency GoPlus Safety warned that the contract allowed its creator to burn any holder’s tokens at will, successfully enabling them to destroy investor belongings with out warning.
Whereas the renouncement eliminates the danger of token destruction, the broader memecoin market stays below scrutiny.
Buyers might want to distinguish between memecoins that may be seen as real “collectibles” and “outright fraudulent actions” like rug pulls that are “not solely unethical but in addition clearly unlawful, with case legislation to help enforcement,” Anastasija Plotnikova, co-founder and CEO of blockchain regulatory agency Fideum, advised Cointelegraph.
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