The pastor who performed at former President Donald Trump’s inauguration has introduced his memecoin, aptly dubbed #LORENZO . For $0.0002882, $LORENZO has already generated significant interest, posting an 18,871% jump in 2 hours with a market cap of $314,430 and a remarkable $38.62 million in 24-hour trading volume.
It’s not easy for $LORENZO to differentiate itself from a sea of memecoins, but its origin story and the pastor’s association with a celebrity seem to be making waves. Coin’s launch has followed a series of memecoins tied to political (and public) figures, raising questions in the market.
The release of memecoins $TRUMP and $MELANIA connected to Donald Trump and Melania Trump has caused turmoil in the crypto world recently. After launching $TRUMP, it surged to a $19 billion market cap before the hype was hijacked when Melania Trump announced she was launching $MELANIA, her memecoin.
The emergence of the latter led to confusion and a FOMO (fear of missing out) rush to get in, losing $TRUMP $7.5 billion in value within a time frame of less than 10 minutes.
Although it still has a long way to go before it even begins to approach the stratospheric heights of $TRUMP or $MELANIA, the launch of $LORENZO has already attracted a combination of intrigue and skepticism. So some are wondering if these tokens endorsed by celebrities have value or are simply gambling tactics to try to make money from the crypto craze.
