Ronaldinho's STAR10 Token Surges Amid Insider Trading Concerns

Former Brazilian football legend Ronaldinho Gaúcho has once again ventured into the cryptocurrency space with the launch of his official token, STAR10. Built on the Binance Smart Chain, the token promises various benefits for holders, including signed collectibles and access to an AI agent. Ronaldinho expressed his excitement about the project on March 3, stating, "Legends are not born... THEY ARE FORGED. And YOU can choose to be a part of it. Get your $STAR10 NOW. Let’s make history together!"

Since its release, STAR10 has garnered significant attention, surging over 20% and reaching a peak price of $0.2492. At the time of this report, the token has settled at $0.23, reflecting a 13% increase in the last 24 hours. STAR10's market performance has been impressive, with a market cap of nearly $20 million and a fully diluted valuation of $241 million. The token's trading volume has exceeded $26 million, and its circulating supply has surpassed 82 million tokens.

However, concerns have arisen regarding insider trading activity linked to the project. Blockchain data from Nansen has revealed that an insider wallet connected to Ronaldinho has made significant profits from the STAR10 launch. According to Onchain Lens, this insider bought 20.79 million STAR10 tokens for 48 BNB ($29,247) before selling a portion for a profit. So far, the insider has sold 119,278 STAR10 tokens for 54 BNB ($33,106), and the wallet still holds 20.68 million STAR10, valued at $4.93 million. This revelation has led to skepticism among traders, with some questioning whether STAR10 is another celebrity-backed token meant for short-term gains.

Ronaldinho's involvement in the crypto space has been marked by controversy. In June 2024, he hinted at a possible return to the space, stating that crypto was going mainstream. However, crypto sleuth ZachXBT was quick to remind everyone of Ronaldinho's past with dodgy projects. Over the years, Ronaldinho has promoted several crypto projects, including World Cup Inu, Atari Chain, Lord Society N