{"id":1614,"date":"2022-02-13T08:39:00","date_gmt":"2022-02-13T08:39:00","guid":{"rendered":"https:\/\/www.silvermillerlaw.com\/?p=1614"},"modified":"2023-07-19T18:00:44","modified_gmt":"2023-07-19T18:00:44","slug":"lets-go-brandon-crypto-coin-turns-into-total-dumpster-fire","status":"publish","type":"news_posts","link":"https:\/\/www.silvermillerlaw.com\/press\/in-the-news\/lets-go-brandon-crypto-coin-turns-into-total-dumpster-fire\/","title":{"rendered":"Let\u2019s Go Brandon\u2019 Crypto Coin Turns Into Total Dumpster Fire"},"content":{"rendered":"

The MAGA-themed \u201cLet\u2019s Go Brandon<\/a>\u201d\u00a0Ethereum<\/a>\u00a0cryptocurrency has fallen on tough times.<\/p>\n

So much so that the value of all 330 trillion coins totals just a few thousand dollars combined, according to the trading sites\u00a0CoinMarketCap<\/a>\u00a0and\u00a0Crypto<\/a>, a far cry from the days of pro-Trump investors believing they could strike it rich in the ever-complex world of crypto.<\/p>\n

That represents a 99.5 percent decline over the last 30 days, leaving a singular LGB coin effectively worthless.<\/p>\n

At the end of last year, the coin, which carries the saying \u201cLet\u2019s Go, Brandon,\u201d spiked in value after it received a boost from D-list TrumpWorld\u00a0acolytes<\/a>\u00a0and found itself being\u00a0promoted<\/a>\u00a0on the hood of NASCAR driver Brandon Brown\u2019s race car.<\/p>\n

A month prior, the slogan had found its legs when Brown gave a post-victory interview with NBC reporter\u00a0Kelli Stavast<\/a>. The crowd could be heard loudly chanting \u201cF*ck Joe Biden,\u201d but the sports reporter mistook the crowd\u2019s words for \u201cLet\u2019s Go Brandon.\u201d<\/p>\n

From that point forward, it became a pro-Trump rallying cry. From the likes of Florida Republican Governor Ron Desantis, who began using the term \u201cBrandon administration<\/a>,\u201d to Senator Ted Cruz (R-TX)\u00a0touting<\/a>\u00a0the secretly crude anti-Biden phrase, Trumpworld quickly got hooked on saying it in public.<\/p>\n

A group of enterprising crypto enthusiasts seized on the viral moment by creating their own cryptocurrency and attempting to sponsor the driver\u2019s racing team.<\/p>\n

Those dreams vaporized in January, when NASCAR abruptly intervened,\u00a0declaring<\/a> that it would not allow the sponsorship deal to go through, despite prior approval from a company employee.<\/p>\n

The coin\u2019s demise followed in short order, even as\u00a0LGB signed<\/a>\u00a0a \u201ctwo-year, eight-figure\u201d sponsorship agreement with the driver.<\/p>\n

To some observers, the collapse was a foregone conclusion. \u201cThey tried to monetize on a viral outbreak. Did it surprise me when something without value shot up and immediately shot down upon release? No,\u201d said David Silver, an attorney who has represented aggrieved crypto investors since 2014.<\/p>\n

And though the crypto markets are\u00a0riddled with scams<\/a>, according to Tim Swanson\u2014who blogs about crypto and works as head of market intelligence at the blockchain company Clearmatics\u2014the danger to investors is always higher with niche \u201cmeme coins.\u201d<\/p>\n

Larger coins have higher trading volumes, so when a company insider sells a huge amount of their stake, it generally won\u2019t significantly dilute prices for everyone else, he said. With meme coins, however, average investors are at the mercy of insiders \u201cwho know exactly when they\u2019re going to sell.\u201d Once they do, he added, the coin\u2019s value effectively \u201cdrops to zero.\u201d<\/p>\n

At the LGB coin\u2019s peak in early January 2022, the coin had a liquidity pool\u00a0worth<\/a>\u00a0north of $6.5 million. (One not familiar with crypto might think of a liquidity \u201cpool\u201d as just that, a large pool of liquid cash flow that the exchange can use if investors want out of their positions, even if there isn\u2019t a buyer on the other side of the table.) That pot of money has since dried up, leaving a liquidity pool of less than $10,000.<\/p>\n

On Twitter, the organizing group behind LGB pledged to \u201cairdrop\u201d investors a new and improved coin, ostensibly swapping out something worthless for something with an artificially designated value.<\/p>\n

David Silver, the crypto lawyer, was skeptical. \u201cThe free market has already said this is a coin that has no value,\u201d he said. \u201cSimply rebranding and trying again is merely trying to take a second shot at convincing someone to give you value where no value exists.\u201d<\/p>\n

Some apparent investors seem skeptical as well. One commenter complained in the comment section of LGB\u2019s Twitter page in January that their $15,000 investment had plummeted to just \u201ca couple [of] hundred dollars.\u201d Another expressed alarm that their 73 million coins were worth a measly $1.66 altogether.<\/p>\n

As of several weeks ago, the team behind LGB was still urging their acolytes to remain patient and loyal. Tweeting from their stated location\u2014\u201cMerica\u201d\u2014they\u00a0offered up<\/a>\u00a0a \u201cDon\u2019t Panic!\u201d meme accompanied by some dubious counsel: \u201cSometimes you just need to have faith and [hold on for dear life].\u201d<\/p>\n

https:\/\/www.thedailybeast.com\/lets-go-brandon-crypto-coin-turns-into-total-dumpster-fire<\/p>\n","protected":false},"featured_media":1770,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"news_categories":[10],"class_list":["post-1614","news_posts","type-news_posts","status-publish","has-post-thumbnail","hentry","news_categories-uncategorized"],"acf":[],"yoast_head":"\nLet\u2019s Go Brandon\u2019 Crypto Coin Turns Into Total Dumpster Fire - SilverMillerLaw.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silvermillerlaw.com\/press\/in-the-news\/lets-go-brandon-crypto-coin-turns-into-total-dumpster-fire\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Let\u2019s Go Brandon\u2019 Crypto Coin Turns Into Total Dumpster Fire - SilverMillerLaw.com\" \/>\n<meta property=\"og:description\" content=\"The MAGA-themed \u201cLet\u2019s Go Brandon\u201d\u00a0Ethereum\u00a0cryptocurrency has fallen on tough times. 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