Brazil Football icon Ronaldinho has made headlines in the crypto space today with the launch of a new token on the BNB Chain. The token, named Ronaldinho Coin (Star10) price surged more than 80% following the official launch but also sparked discussions in the broader crypto market. Amid this, Binance founder Changpeng Zhao has issued a stark warning for investors amid growing crypto scams and rug pull events.
Ronaldinho Token Launch: Star10 Price Rockets
Football icon Ronaldinho took to social media platform X to celebrate the token’s rapid success, stating that Star10 had reached the top position on DEX Screener. Encouraging fans to join the movement, he declared that “the ball is rolling” and invited them to invest. However, Binance founder Changpeng Zhao has highlighted his post while issuing a cautionary statement for traders.
Notably, the official contract address for the token was also shared in Ronaldinho’s post to ensure investors were buying the authentic Star10 on the BNB Chain. Notably, the football icon’s entry into the crypto space follows a growing trend of celebrities launching personal tokens.
Meanwhile, investors rushed to buy Star10, causing its price to surge within hours of its release. During writing, Star10 price rocketed more than 80% to $0.37, with its market cap soaring past the $31 million mark.
Binance Founder Changpeng Zhao Issues Security Alert
Despite the excitement, Binance’s founder Changpeng Zhao stepped in with a clear warning. He clarified that Binance and its affiliates had no commercial ties with Ronaldinho or Star10, emphasizing the risks involved in meme coin investments.
Zhao stressed that Star10 was launched exclusively on the BNB Chain, cautioning investors against fake versions on other networks. He further noted that meme coins are highly volatile, and their trading volume has seen significant declines recently.
“This post is NOT an endorsement,” Zhao stated. “Ronaldinho’s STAR10 coin was launched on BNB Chain exclusively. Other chains’ coins are fake. Beware of scammers.”
His warning serves as a reminder of the risks associated with celebrity-backed tokens, which often experience price manipulation and rug pulls.
Celebrity Tokens Fuel Meme Coin Buzz
Ronaldinho is the latest in a growing list of public figures launching their own crypto assets. The trend gained momentum after Donald Trump’s team introduced TRUMP and MELANIA meme coins. Simultaneously, Argentina’s President also endorsed a meme coin, LIBRA, which has sparked massive controversy in the market.
Among others, rapper Kanye West also reportedly launched $YZY, which quickly gained traction. While these tokens generate massive hype, many lack long-term utility, leaving investors vulnerable to extreme price swings. Considering these aspects, experts urge caution, highlighting the speculative nature of such assets.
Binance Founder Warning: Here’s What Investors Should Know
Despite Ronaldinho Coin’s (Star10) impressive debut, Changpeng Zhao’s warning highlights the risks involved. So, investors should conduct thorough research and avoid falling for scams posing as official tokens. As the Binance founder noted, the meme coin market remains unpredictable, with price surges often followed by sharp declines.
As the hype around celebrity tokens grows, the crypto community must stay alert. In other words, the market participants should exercise due diligence and weigh the risks carefully before putting their bets on any newly issued tokens.
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