Football legend Ronaldinho Gaucho is the latest celebrity to launch cryptocurrency, joining the growing trends of celebrity-backed memokine.
Ronaldinho launched Memecoin Star10 (Star10) on the BNB chain on March 3rd.
“Holding this token gives me exclusive experiences, real benefits, signed collectibles, and even my own AI agent built for those who want to be part of history,” Ronaldinho wrote in the X-Post on March 3rd.
As part of that talk nemics, 5% of Star10 fees will be donated to social causes selected by the token community.
Within ten hours of the token launch, Dexscreener data showed that Star10 peaked at 9am at $397 million and retreated to $274 million.
However, Ronaldinho’s new Memecoin launch raised tokenomics and cybersecurity-related concerns among industry watchers.
Investor sentiment remains fragile after the $4 billion Libra collapse (Libra) and after the Memecoin approved by Argentine President Javier Milei.
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Ronaldinho’s Memecoin causes security and raises Tokenomics concerns
According to the Token homepage, Star10 Memecoin’s talk nemics raised several red flags among investors.
However, the five insider wallets that hold most of the Star10 do not sell coins, and instead added liquidity to the trading pool. Onchain analyst data nerd pointed out in a March 3rd post on X.
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However, according to blockchain security company Slowmist, the creator of the token has since waived ownership of the token contract.
Initially, security experts flagged the token as a potential risk, noting that its ownership was not waived. Web3 security company Goplus Security warned that the agreement allowed creators to burn their holders’ tokens at will, allowing them to effectively destroy investor assets without warning.
Abandonment eliminates the risk of token destruction, but the broader memecoin market is under scrutiny.
Investors need to distinguish between genuine “collectives” like Ragpur, which can be considered “a complete fraudulent activity” from memecoin, which is “not only unethical but clearly illegal, and also clearly illegal in case laws to help enforcement.”
https://www.youtube.com/watch?v=TVMMJ6RR4SO
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