From Pulpit to Memecoin: The Rise and Crash of ‘Lorenzo’ That Left Investors Reeling

Detroit preacher Reverend Lorenzo Sewell, who once delivered a heartfelt benediction at Donald Trump’s presidential inauguration, recently made headlines for reasons far removed from his religious duties. After stepping into the world of cryptocurrency with a self-titled memecoin, Lorenzo, the reverend faced a storm of criticism as the token plummeted 93% in value less than 24 hours after its launch.

On Monday, Sewell took to social media platform X, formerly known as Twitter, to assure his supporters:

“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.”

Yet, the lofty vision Sewell painted didn’t align with reality. The Lorenzo token, which once boasted a $4.5 million market cap, quickly nosedived, leaving a trail of disgruntled investors in its wake.

A Spectacle Fit for Crypto Drama

Crypto market participants were quick to criticize the preacher’s foray into memecoins. Analyst and podcaster Benjamin Cowell captured the community’s sentiment with his sharp quip:

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

Interestingly, this isn’t the first time Trump’s orbit has touched the cryptocurrency world. During his campaign, Trump lured crypto enthusiasts with promises of a more industry-friendly regulatory landscape. However, those promises never materialized, and instead, the community got bizarre ventures like Sewell’s ill-fated memecoin.

Winners, Losers, and the Onchain Reality

While some traders managed to capitalize on Lorenzo’s brief run, many weren’t so fortunate. Onchain data reviewed by BitGalactic reveals how insiders and algorithmic trading bots profited from the token, leaving ordinary investors with massive losses.

• A trader who invested $250 saw an incredible $109,000 return. Another managed to flip $741 into $100,000.
• However, these early wins were overshadowed by staggering losses. One trader, for instance, invested $87,000 only to exit with $11,300 — a heart-wrenching $75,000 loss. Another buyer saw $120,000 wiped out after selling their tokens for nearly half the purchase price.

A Cautionary Tale in the Memecoin Era

Sewell’s venture underscores the volatile and speculative nature of the memecoin market. While the initial allure of quick profits can be tempting, the reality for many investors is one of significant risk.

BitGalactic’s takeaway: Before diving into any crypto project—especially those driven by personalities rather than proven utility—investors must tread carefully. Memecoins often operate on hype, but as the Lorenzo saga shows, what rises quickly can fall even faster.