The token STAR10, launched by Brazilian football legend Ronaldinho Gaúcho, quickly attracted market attention, but shortly after its release, it sparked community concerns and was even revealed by a cybersecurity firm to have risks associated with its contract.
Ronaldinho’s STAR10 Token
On Monday, Ronaldinho announced the launch of his exclusive official token STAR10 through his social media account, stating that it is not just a token, but a “legend in the making.” Holders have the opportunity to participate in exclusive experiences (such as private events), rare collectibles (such as signed jerseys), and other rewards.
According to information on the official website, STAR10 is issued on the BNB Chain, with a total supply of 1 billion tokens. Of this, 20% is owned by Ronaldinho, 15% by the team, 20% for public distribution, 25% for liquidity, 15% for marketing and operations, and 5% allocated to centralized exchanges (CEX).
The price of the STAR10 token surged shortly after its launch, rising from less than $0.01 to $0.3, with its market capitalization reaching $300 million at one point. However, the excitement around STAR10 quickly faded following community concerns regarding its security and market manipulation, leading to significant price fluctuations. As of the time of writing, its trading price is approximately $0.288.
Concerns Over Potential Manipulation
According to the on-chain data tracking platform Onchain Lens, a suspected insider wallet holder associated with Ronaldinho purchased 20.79 million STAR10 tokens shortly after the token’s launch for 48 BNB (approximately $29,247) and subsequently sold off tokens as the price surged, with unrealized gains reaching up to $4.94 million.
The copy trading platform lmk.fun pointed out that the $STAR10 team initially controlled 80% of the token supply. During the token launch, it was filled with “early snipers” (who rushed to purchase large quantities of tokens at the moment of issuance), stating that “these addresses bought at least 18% of the tokens in the first minute and are currently offloading in large quantities.”
These revelations raised concerns about potential manipulation by the STAR10 team, and many investors feared this might be another pump-and-dump scheme. One user on X commented, “Here we go again. If you remember MELANIA, CAR, LIBRA, then you should understand what I’m talking about.”
On the other hand, cybersecurity firm GoPlus warned of serious security risks associated with STAR10, indicating that the token contract owner could arbitrarily destroy any holder’s tokens. Shortly thereafter, GoPlus stated that ownership of the contract had been relinquished and that there are no risks at the smart contract level. The STAR10 team also responded to the security controversy via Ronaldinho’s X account, stating that contract ownership has been relinquished and that tokens will not be destroyed without warning.
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