Football icon Ronaldinho has once again found himself at the center of controversy following the launch of his official cryptocurrency, STAR10, on March 3. Built on Binance Smart Chain, the token promised exclusive benefits, such as signed memorabilia and access to an AI agent, quickly capturing investor interest.
Shortly after its debut, STAR10 surged by more than 20%, reaching a peak price of $0.29. The token’s market capitalization currently hovers around $20 million, with a fully diluted valuation of $23.5 million and a trading volume exceeding $26 million, according to CoinGecko. However, this rapid rise in value has raised suspicions of potential insider trading.
Blockchain analytics firm Nansen identified an insider wallet linked to Ronaldinho that reportedly amassed nearly $4.95 million in profits from the token’s launch. According to on-chain data, the wallet purchased 20.79 million STAR10 tokens for 48 BNB (approximately $29,247) and has since sold only a small portion, leaving a significant holding worth $4.93 million.
Further investigations by blockchain watchdogs revealed unusual trading activity, with the wallet selling 119,278 tokens for 54 BNB ($33,106) while still retaining over 20.68 million tokens. The revelations have led to growing accusations of pre-planned profit-taking, sparking concerns over transparency in celebrity-backed cryptocurrencies.
The involvement of a global sports figure like Ronaldinho initially fueled excitement around STAR10, but the allegations of insider trading have cast doubt on the token’s legitimacy. Crypto traders on X (formerly Twitter) reacted with skepticism, with some calling STAR10 a “celebrity cash grab” and questioning the long-term viability of such projects.
This is not the first time Ronaldinho has been entangled in crypto controversies. In September 2023, he faced legal scrutiny over alleged connections to 18kRonaldinho, a crypto investment scheme accused of defrauding investors of $61 million. The project used his name and likeness to attract users, falsely promising 2% daily returns—a claim Ronaldinho later denied any involvement in.
Additionally, he has previously promoted meme coins like WATER and Baby Doge, as well as NFT projects such as Lord Society and World Cup Inu. Many of these ventures saw sharp declines following their initial hype, leaving investors with losses. Crypto investigator ZachXBT has warned investors about Ronaldinho’s repeated involvement in questionable crypto projects, suggesting a pattern of endorsement without accountability.
While STAR10 experienced a strong launch, its credibility is now under intense scrutiny. The emergence of insider trading allegations raises questions about the token’s long-term sustainability. Investors remain cautious, especially given the track record of celebrity-backed tokens that often experience drastic price drops once the initial excitement fades.
Ronaldinho has yet to publicly address the allegations, leaving uncertainty around STAR10’s future. With regulators increasingly focused on celebrity-endorsed crypto projects, the token’s ability to maintain investor confidence will be crucial in determining its survival in an already volatile market.
By Alejandro Silva Ramírez, Crypto Analyst & Columnist