Soccer legend Ronaldinho Gaúcho’s new official token debuted to a rocky begin Sunday, amid issues round “early snipers” and a “critical safety threat.”
Launched Sunday solely on the BNB chain, Ronaldinho Coin (STAR10) made its debut to fanfare, promising the footballer’s large international following entry to “unique experiences, actual advantages, signed collectibles, and an AI Agent.”
The passion rapidly soured, because the retired footballer’s token noticed important volatility on its launch, dropping by over 25% from its peak at $0.387 to its present worth of $0.289, per information from CoinGecko.
Its rocky launch trajectory mirrors that of different excessive profile tokens, such because the Argentine President Javier Milei-endorsed LIBRA token.
The token’s distribution allocates 20% of the full provide to Ronaldinho—considerably greater than typical allocations in most crypto initiatives. For many initiatives, the founder’s share typically hovers round 5-10%.
One blockchain analytics agency, Onchainlens, flagged that one pockets profited almost $5 million after spending simply $29,247 to purchase tokens, whereas crypto copy-trading platform lmk.enjoyable highlighted that the token launch was “stuffed with ‘early snipers’.”
GoPlus Safety, a Web3 safety platform, tweeted a safety alert after discovering a crucial vulnerability, revealing that STAR10’s proprietor may burn any holder’s tokens at will since possession had not been renounced.
The alert led to Binance founder Changpeng Zhao (“CZ”), warning merchants to “Please beware!”
Ronaldinho responded to CZ’s tweet, saying that, “Possession was not renounced? Now it’s! Tokens can’t be destroyed with out warning,” which was subsequently confirmed by GoPlus.
Ronaldinho’s crypto historical past
Brazilian soccer legend Ronaldinho has been linked to a variety of crypto ventures.
The footballer launched his first token, RON, on the P00LS platform in 2022, however the venture did not generate important traction. That very same yr, he promoted the World Cup Inu token—a meme coin launched forward of the 2022 FIFA World Cup in Qatar. Like many celebrity-backed crypto initiatives, the token noticed an preliminary surge in worth, adopted by a dramatic crash.
In 2023, he appeared in courtroom to disclaim any involvement within the “18kRonaldinho” crypto pyramid scheme, claiming that his likeness had been used with out his consent. The scheme promised day by day returns of two% however finally collapsed, resulting in a $61 million lawsuit.
Edited by Stacy Elliott.
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