Pastor Lorenzo Sewell Launches Cryptocurrency Memecoin Named "Lorenzo"

Pastor Lorenzo Sewell of Detroit's 180 Church has gained significant attention since publicly supporting President Donald Trump.

Pastor Lorenzo Sewell of Detroit's 180 Church gained attention after publicly supporting President Donald Trump.

The Detroit-based preacher made headlines with his passionate benediction at Trump’s inauguration as America's 47th president.

Afterward, Sewell shifted his focus to a more worldly venture - launching his own cryptocurrency memecoin, called "Lorenzo."

His connection with Trump deepened after hosting a campaign event at his church, which marked the beginning of a fruitful relationship. Recently, a video of Sewell's invocation spread rapidly on social media, followed by his announcement of a new cryptocurrency token.

Interestingly, Sewell's journey to prominence began from humble beginnings, having grown up in a challenging home environment in Detroit, Bridge Detroit reports.

“I need you to do me a favor right now: I need you to go buy the official Lorenzo Sewell coin,” he said in a social media post.

“I want you to be able to see politics become manifest not just in a way where we’re paying over political gatherings, but we’re seeing us become the hands and feet of the lord Jesus Christ. Will you help me?”

Lorenzo Sewell's cryptocurrency token, launched on Monday, started trading at a fraction of a penny. However, its value skyrocketed the next day, only to plummet back down to near its original value. Sewell said he plans to use the proceeds from the coin to fund church services and has vowed not to trade his own tokens.

DL News reports that the token is down 93% from its $4.5 million market value peak in less than a day.

Interestingly, Sewell's coin is part of a larger trend of "memecoins" - digital tokens with no inherent value that rely on blockchain technology for trading.

This phenomenon gained traction around Trump's inauguration, with the President and First Lady Melania Trump even launching their own pair of cryptocurrency tokens.

Memecoins are viewed as high-risk financial investments due to their reliance on gimmicks and tendency to experience drastic fluctuations in value.

Unfortunately, scammers have exploited memecoins to perpetrate financial scams, leaving investors vulnerable. Notably, Sewell's cryptocurrency launch was featured on a popular YouTube channel known for exposing cryptocurrency scams, raising concerns about the legitimacy and potential risks associated with his coin.

Previously, his church received a payment of $5,000 for hosting a Trump campaign event last summer, which highlights the benefits of aligning himself with the former president.