Reverend Lorenzo Sewell’s Memecoin Plummets

Detroit preacher Reverend Lorenzo Sewell captured the nation’s attention with his passionate benediction at Donald Trump’s inauguration as the 47th President of the United States. However, his foray into the crypto world has been less inspiring.

Shortly after the inauguration, Sewell introduced his memecoin, Lorenzo, announcing on X (formerly Twitter):

“The crypto community was kind enough to send me Lorenzo, so I have permanently locked my tokens into a liquidity pool, so that I will never sell on the community but rather just earn fees as our token continues to flourish.”

Lorenzo’s Meteoric Rise and Fall

Despite the preacher’s optimistic tone, the Lorenzo memecoin has flopped spectacularly.

• Market peak: $4.5 million
• Crash: Down 93% in less than a day

Crypto Community Reactions

The memecoin’s dramatic failure has drawn sharp criticism from crypto enthusiasts. Benjamin Cowell, a crypto analyst and podcaster, quipped:

“Forgive him Satoshi, for he knows not what he says,” referencing Bitcoin’s pseudonymous creator, Satoshi Nakamoto.

This debacle adds to a growing sense of disillusionment among crypto supporters, who were promised a pro-crypto regulatory framework by President Trump. Thus far, they’ve been met with memecoin spectacles from the Trump family and associates.

Winners and Losers

While a few traders managed to cash in on the Lorenzo token’s brief surge, most were not so fortunate:

Big Winners

• One trader turned $250 into $109,000 by selling early.
• Another gained $100,000 after investing $741.

Big Losers

• An investor who spent $120,000 sold their tokens at nearly half their purchase price.
• Another trader lost a staggering $75,000, investing $87,000 only to sell for $11,300.

Onchain Data: A Familiar Pattern

Onchain analysis by DL News revealed a pattern of early buyers and insiders using complex trading bots to secure significant profits, leaving ordinary traders to shoulder the losses.

This echoes the performance of Trump’s memecoins, where insiders reportedly reaped millions while many others faced substantial losses.

Reverend Sewell’s venture into the crypto space highlights the volatile nature of memecoin markets and the risks for everyday investors. With skepticism growing, this episode serves as a cautionary tale for both crypto enthusiasts and public figures venturing into digital assets.