Ronaldinho's Star10 Memecoin Surges to $397M Market Cap in Hours

Soccer legend Ronaldinho Gaúcho has joined the growing trend of celebrity-backed cryptocurrencies by launching his official memecoin, Star10 (STAR10), on the BNB Chain on March 3. The token, which aims to provide exclusive experiences and real benefits to holders, has garnered significant attention in the cryptocurrency market.

Within just 10 hours of its launch, Star10 peaked at a $397 million market capitalization before retreating to its current value of $274 million, according to Dexscreener data. This rapid growth highlights the potential of celebrity-backed cryptocurrencies to attract investors and generate buzz in the market.

However, the launch of Ronaldinho's memecoin has also raised concerns among industry watchers regarding tokenomics and cybersecurity. The token's tokenomics allocate 35% of the supply to insiders, with 20% reserved for Ronaldinho and 15% for the team. This high insider allocation has sparked debate among investors, who question the fairness and sustainability of such a distribution.

Moreover, the token's initial contract ownership structure raised red flags among security experts. The contract allowed its creator to burn any holder's tokens at will, effectively enabling them to destroy investor assets without warning. However, the token's creator has since renounced ownership over the contract, eliminating this risk.

The broader memecoin market remains under scrutiny, as investors seek to distinguish between genuine collectibles and outright fraudulent activities like rug pulls. As the market continues to evolve, investors will need to exercise caution and conduct thorough due diligence before investing in any cryptocurrency, regardless of its celebrity backing.