Non-denominational pastor Lorenzo Sewell, who became famous after he read a prayer at the inauguration of newly elected US President Donald Trump, released his own memecoin, LORENZO, but the coin quickly collapsed in price.
Lorenzo Sewell has asked the public to support his charitable work by purchasing an official token As the priest stated, the project is aimed at supporting those who find themselves in a difficult life situation.
In other words, the call to purchase token Lorenzo Sewell associated it with the desire to provide resources for his further service. After the LORENZO memecoin was released, its capitalization exceeded the $18,76 million mark.
However, just a few hours after the launch, its rate collapsed by almost 100%, and the coin's capitalization fell below $350,000 and continues to fall rapidly.
However, some traders still managed to make a profit before token fell. In particular, one investor earned $109,000 by investing in token just $250, while another managed to make $100,000 with an investment of $741. Another trader lost $120,000 after selling his tokens for almost half the purchase price.
