Ronaldinho launches token with 35% insider supply, hits $397M market cap

5 months ago 26

Soccer fable Ronaldinho Gaúcho is the latest nationalist fig to motorboat a cryptocurrency, joining the increasing inclination of celebrity-backed memecoins.

Ronaldinho launched his authoritative memecoins Star10 (STAR10) connected the BNB Chain connected March 3.

“Holding this token grants you exclusive experiences, existent benefits, signed collectibles, and adjacent my ain AI Agent — built for those who privation to beryllium portion of history,” Ronaldinho wrote successful a March 3 X post.

As portion of its tokenomics, 5% of Star10’s fees volition beryllium donated to societal causes chosen by the token’s community.

Within 10 hours of the token’s launch, Star10 peaked astatine a $397 cardinal marketplace capitalization astatine 9:00 americium UTC earlier retreating to the existent $274 million, Dexscreener information shows.

However, Ronaldinho’s caller memecoin motorboat raised tokenomics and cybersecurity-related concerns amid manufacture watchers.

Investor sentiment remains fragile aft the $4 cardinal illness of Libra (LIBRA) — a memecoin endorsed by Argentine President Javier Milei — which plummeted 94% successful worth aft eight insider wallets withdrew $107 million successful liquidity wrong hours of launch.

Ronaldinho’s memecoin raises security, tokenomics concerns

The Star10 memecoin’s tokenomics person raised immoderate reddish flags among investors, considering that 35% of the token proviso is allocated to insiders, including 20% for Ronaldinho and 15% for the team, according to the token’s homepage.

However, 5 insider wallets holding the bulk of Star10 person not sold immoderate coins and person alternatively added liquidity to trading pools, onchain expert The Data Nerd noted successful a March 3 station connected X.

Flashing an optimistic awesome for investors, the token’s creator has “just renounced ownership” implicit the token contract, according to blockchain information steadfast SlowMist.

Initially, information experts flagged the token arsenic a imaginable risk, pointing retired that its ownership had not been renounced. Web3 information steadfast GoPlus Security warned that the declaration allowed its creator to pain immoderate holder’s tokens astatine will, efficaciously enabling them to destruct capitalist assets without warning.

While the renouncement eliminates the hazard of token destruction, the broader memecoin marketplace remains nether scrutiny.

Investors volition request to separate betwixt memecoins that tin beryllium seen arsenic genuine “collectibles” and “outright fraudulent activities” similar rug pulls which are “not lone unethical but besides intelligibly illegal, with lawsuit instrumentality to enactment enforcement,” Anastasija Plotnikova, co-founder and CEO of blockchain regulatory steadfast Fideum told Cointelegraph.