After a rocky launch, Brazilian footballer Ronaldinho’s STAR10 meme coin surged 150% after he addressed earlier security concerns. However, some in the community remain skeptical due to past allegations.

Binance founder CZ also mentioned the project, drawing attention to it, even though his statement didn’t provide much praise. This highlights the rather chaotic cycle of today’s meme coin ecosystem.

Ronaldinho Launches STAR10 Meme Coin

Meme coins are extremely popular in the crypto market right now, and sports-based tokens have existed for years. In 2022, there were enough fan tokens for Binance to launch an index, and some of these old projects have resurged in today’s climate.

However, Ronaldinho’s STAR10 token has had a rocky launch thanks to security concerns.

“Ronaldinho’s STAR10 coin has a serious security risk! GoPlus found that the owner can burn ANY holder’s tokens at will. Since ownership has not been renounced, all tokens are at risk of being destroyed without warning. Please renounce ownership immediately to protect your community. Traders, exercise extreme caution with this token,” GoPlus Security claimed.

Ronaldinho launched the STAR10 token earlier today exclusively on BNB Chain. However, a wave of fake tokens took off, attempting to siphon interest and money from the footballer’s fanbase.

Since the launch was already clouded by these scams, Ronaldinho acted quickly to guarantee the security of the genuine project.

The football legend renounced ownership of STAR10, and also locked the tokens for 255 years. This addressed GoPlus’ main security concern that tokens could be destroyed or created without warning.

In response to this, the meme coin surged 150% before cooling off slightly.

Another surprising source helped fuel the meme coin’s price gains. CZ, former CEO of Binance, made a post about the token, which helped fuel interest.

He claimed he has been a personal fan of Ronaldinho for 20 years, and that STAR10 was launched on BNB Chain. Otherwise, he emphasized that there was no relationship, and didn’t make any actual positive statements on the coin.

Nonetheless, CZ has a huge presence in the crypto community. His offhanded social media statements have fueled giant meme coin races in the last month, and acknowledging this project at all helped draw attention to it.

In short, STAR10 may be doing well now, but there is still skepticism about Ronaldinho’s alleged past involvement in sketchy projects. Overall, it adds another new narrative to the ongoing celebrity meme coin saga.

The US Securities and Exchange Commission (SEC) has agreed to drop its lawsuit against Kraken, marking a major reversal in its approach to crypto enforcement. 

This decision comes amid a broader shift. In the past week, the SEC dropped at least six lawsuits and legal actions against crypto firms, including Coinbase and MetaMask.

SEC Vs. Kraken is Finally Over

The lawsuit against Kraken, filed in November 2023, accused the exchange of operating as an unregistered securities exchange, broker, dealer, and clearing agency. 

The SEC claimed that Kraken allowed the trading of crypto asset securities without proper registration, depriving investors of necessary protections such as audits, disclosures, and oversight.

Kraken denied the allegations and argued that the SEC had failed to establish clear guidelines on whether digital assets should be classified as securities. 

The exchange filed a motion to dismiss the case, citing regulatory uncertainty and a lack of fair notice. A federal judge allowed parts of Kraken’s defense to proceed, but the SEC continued to press its claims.

“The SEC’s decision to dismiss its lawsuit against us (and many others) is more than just a legal victory — it’s a turning point for the future of crypto in the US It ends a wasteful, politically motivated campaign, lifts uncertainty that stifled innovation and investment, and clears the path toward a stable, forward-thinking regulatory regime,” Kraken wrote in its official statement.

The agency’s decision to drop the lawsuit reflects a changing stance on crypto enforcement. Over the past week, it has quietly withdrawn multiple legal actions against major crypto companies. 

No More Crypto Enforcement from the SEC

In addition to Coinbase and Kraken, the Commission has dropped its probe into Gemini, MetaMask, OpenSea, Tron Foundation, Robinhood, and others. The regulator also saw defeat in a particular crypto case that it actually wanted to pursue.

Over the weekend, the SEC lost a major case against Richard Heart, the founder of HEX and PulseChain.

This shift follows increasing pressure from lawmakers and industry leaders who have criticized the SEC’s aggressive regulatory approach. Although its current Commissioner is against dismissing these legal proceedings, it seems like the organization will no longer pursue aggressive enforcement.

“We beat the SEC! Congratulations to the best legal team in crypto. Fighting – and beating – the SEC was not foretold. Lawyers, lobbyists and everyone in between… We had to earn it,” wrote Marco Santori, Senior Advisor at Kraken.

Kraken’s victory may set a precedent for other crypto firms facing similar lawsuits. The decision to drop these cases signals a possible recalibration of the SEC’s strategy, raising questions about how crypto regulation will evolve in the coming months.

As of now, the Ripple XRP lawsuit is the only major crypto case still active for the Commission. However, given that Donald Trump has included XRP in his US crypto reserve plan, this lawsuit will likely be dropped in the same manner.

Ethereum recently failed to breach the $2,500 resistance, leading to a pullback. The altcoin king has since fallen, now trading at $2,354. Despite the decline, ETH shows signs of a gradual recovery. 

A key shift in investor behavior, particularly among whale addresses, may provide the support needed for an uptrend.  

Ethereum Selling Stops

Whale addresses, holding between 10,000 to 100,000 ETH, had been selling aggressively. Over the past week, they offloaded 640,000 ETH worth $1.5 billion, contributing to Ethereum’s struggle near $2,500. However, selling pressure has eased, signaling a shift in sentiment.  

In the last 24 hours, whales have paused their sell-off, aligning with Ethereum’s recent price stabilization. This behavioral change could indicate confidence in ETH’s recovery. If large holders continue to hold their assets, Ethereum may see reduced volatility and stronger price support.  

Ethereum’s Liveliness indicator suggests long-term holders (LTHs) have also stopped selling. This metric rises when LTHs liquidate holdings and declines when they accumulate or hold. Over the past few days, the indicator has remained flat, signaling a pause in selling.  

This trend supports Ethereum’s price stability as long-term investors preserve market confidence. If LTHs maintain their holdings, ETH could build momentum for a breakout. A sustained downtick in Liveliness would reinforce bullish sentiment, indicating accumulation rather than distribution.  

ETH Price Recovery Ahead

Ethereum is attempting to secure $2,344 as a support floor, now trading at $2,354. Holding this level could allow ETH to recover recent losses, targeting $2,549 as the next resistance. A successful retest of this zone would confirm bullish momentum.  

If ETH breaches $2,549, it could rally toward $2,654. Surpassing this level may push Ethereum into consolidation below $2,814, mirroring previous market cycles. This would establish a stable price range before further upward movement.  

However, failing to hold $2,344 could trigger a decline. ETH may fall through $2,267, potentially testing $2,170 as the next major support. A drop below this level would invalidate the bullish outlook, reinforcing bearish momentum in the short term.