Lorenzo Sewell, a pastor who spoke at the U.S. presidential inauguration of Donald Trump, launched the LORENZO meme coin, claiming the project would support his charitable ministry. However, only hours after its release, the token’s market cap collapsed by almost 100%, sparking intense discussion in the crypto community.
Token Launch and Project Goals
Sewell announced LORENZO on his X (formerly Twitter) account, urging the community to buy the token to fund aid for those in dire circumstances. According to the pastor, proceeds would go to help people in need. He also claimed he locked his own tokens in a liquidity pool to reassure the community he would not dump them.
“I will never sell tokens to the community,” Sewell stated. “Instead, I’ll just earn fees while the project thrives.”
At its peak, LORENZO’s market cap reached $18.76 million, but within four hours it fell almost 100%. At the time of writing, LORENZO’s market cap is around $312,000 and continues to decline.
Traders’ Gains and Losses
Some investors managed to profit from the token’s rapid rise and fall. One trader who invested $250 walked away with $109,000, and another made $100,000 from a $741 stake. Yet not all were fortunate — one investor lost $120,000, selling their tokens at nearly half of the initial cost.
Crypto Community Reaction
Despite Sewell’s assurances of good intentions, LORENZO’s sudden price drop raised questions about the project’s credibility and stability. The coin’s fate highlights the high volatility of the crypto market, where even charitable undertakings can collapse unexpectedly.
Previously:
- Investor Loses $1 Million in Two Hours on BARRON Token
- Dutch Student Scams Investors Out of €4.5 Million
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