Brazilian Football Legend Ronaldinho Has Officially Launched His Token on the BNB Chain

With celebrities swiftly foraying into the cryptocurrency space, most often resulting in massive losses for investors

Brazilian footballing legend Ronaldinho has officially launched a token on the BNB Chain, marking his official foray into the blockchain industry.

As celebrities continue to enter the cryptocurrency space, usually resulting in massive losses for investors, Brazilian football icon Ronaldinho has become the latest to launch a meme coin.

Aiming to change the pessimistic narrative around celebrity-launched tokens, Ronaldinho opted for the BNB Chain over the widely used Solana network to deploy his token. The retired star confirmed the official launch of the token, with ticker STAR10, in an X post on March 2.

“The day has come! I'm happy to announce the official launch of my token, $STAR10! Join the fun and let's make history together. See you on the pitch! #RonaldinhoToken #BNBChain #Crypto,” said Ronaldinho.

The former Barcelona player has been a presence in the cryptocurrency space for some time now. His tweets and activities show that he has replicated the passion he had on the soccer pitch with the nascent industry.

After teasing the official launch of his meme coin in the previous week, Ronaldinho finally dropped STAR10 on Sunday. As with most celebrity tokens, the BNB Chain-based asset quickly gained traction, hitting the top gainer on the popular analytical platform DEXScreener.

At press time, STAR10 continues its meteoric surge, hitting a new all-time high of $0.3855, up a staggering 205,000% in the past 24 hours. The price surge has seen its market cap soar past $360 million.

On the other hand, on-chain analysis has shown traces of insider trading among the STAR10 team. Market analytical firm Lookonchain highlighted suspicious activity among a wallet linked to the creators of the meme coin.

The platform noted that a wallet, “0xO1D9,” spent 80 BNB ($50,000) to acquire 122.45 million STAR10 two minutes after launch, about 12.24% of the token’s 1 billion total supply. Lookonchain linked the address to the STAR10 team because it received funds along with the developer wallet from the cross-chain bridging protocol, Allbridge.

At the time of writing, the wallet has sold just 1 million STAR10 ($272,000) and still holds 121.45 million STAR10 ($43.6 million). This means the address has recorded a staggering 87,644% portfolio appreciation from its initial deposit.

Meanwhile, Ronaldinho confirmed in a tweet that the team locked the STAR10’s 200 million liquidity for 30 days and could extend it if need be. Data from the on-chain analytical platform The Data Nerd confirmed the retired footballer’s claims.

However, the launch follows Ronaldinho’s unpopular start to his crypto venture. In September 2023, he was arraigned for allegedly defrauding users of $61 million in a crypto pyramid scheme.