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BitcoinSistemi 2025-01-21 20:44:07

Another Trump Associate Posts About His Own Memecoin: Big Fiasco

Detroit priest Lorenzo Sewell, who gave a speech that attracted attention on social media platforms at Donald Trump’s inauguration as the 47th president of the United States, faced backlash after the spectacular failure of the cryptocurrency LORENZO that bears his name. Launched with promises of community-driven growth, the memecoin has fallen by 93% in one day, falling from its peak market value of $4.5 million. Sewell announced the initiative on X (formerly Twitter), claiming that he had permanently locked his own tokens in a liquidity pool to “earn fees” and avoid selling out to the community. However, the token’s rapid collapse has left many investors stunned. Related News: The Giant Whale that Made Huge Profits from TRUMP Lost All of Its Gains: Lost All Earnings on Other Altcoins, and Even Lost Money! While some early traders managed to make a profit, the majority faced significant losses: A trader turned a $250 investment into $109,000. Another made $100,000 after investing $741. However, these successes were the exception. A trader who invested $87,000 in Lorenzo lost $75,000 by selling for just $11,300. Another lost $120,000 after selling his tokens for almost half their initial purchase price. Despite Trump’s campaign rhetoric about creating a crypto-friendly regulatory environment, his presidency has seen some strange crypto-related events, including memecoins tied to his name. *This is not investment advice. Continue Reading: Another Trump Associate Posts About His Own Memecoin: Big Fiasco