Another Person Connected to Trump Shared His Own Memecoin: A Great Failure Occurred!

During the inauguration ceremony of Donald Trump as the 47th president of the United States, Detroit pastor Lorenzo Sewell delivered a speech that attracted attention on social media platforms. He faced backlash following the extraordinary failure of his namesake cryptocurrency, LORENZO.

The memecoin, which was launched with promises of community-driven growth, plummeted by 93% in one day, dropping from its highest market value of $4.5 million.

Sewell announced his venture on X (formerly known as Twitter) and claimed to have permanently locked his tokens in a liquidity pool to 'earn fees' and avoid selling the community. However, the rapid collapse of the token has left many investors baffled.

While some early traders managed to make a profit, the majority encountered significant losses:

• A trader turned a $250 investment into $109,000.
• Another person made $100,000 after investing $741.

However, these achievements were exceptional.

• A trader who invested $87,000 in Lorenzo lost $75,000 by selling it for only $11,300.
• Another one lost $120,000 after selling their tokens for nearly half of their initial purchase price.

Despite Trump's campaign rhetoric to create a crypto-friendly regulatory environment, his presidency has witnessed strange events related to cryptocurrencies, including meme coins associated with his name.