Star10, Ronaldinho Gaúcho’s token, saw its market cap soar to $397 million before falling, sparking worries about insider distribution.

Footballing legend Ronaldinho Gaúcho has launched a new cryptocurrency, Star10 (STAR10), on the BNB Chain, promising exclusive benefits and signed collectables for holders.

The token soared to a $397 million market cap within hours before dropping back to $274 million, drawing immediate scrutiny from analysts and investors. Concerns have been raised over its tokenomics, particularly the 35% insider allocation, with 20% reserved for Ronaldinho himself.

Security experts initially flagged the token as a potential risk, warning that its creator had the power to burn investor assets. However, blockchain security firm SlowMist later confirmed that ownership of the token contract had been renounced, reducing the risk of malicious intervention.

Despite this, the broader meme coin market remains under the spotlight, especially after high-profile failures like Libra (LIBRA), which collapsed after insiders withdrew millions in liquidity.

Regulatory experts warn that investors must be cautious, distinguishing between meme coins as digital collectables and outright scams. With celebrity-backed tokens becoming more common, closer scrutiny of transparency and security is growing, as past failures continue to shake confidence in the sector.