The Let's Go Brandon Memecoin Is Now Worthless

The MAGA memecoin once aspired to sponsor a NASCAR team, but is now effectively worthless.

The pro-Trump Let's Go Brandon cryptocurrency has lost 99.5% of its value this month, effectively becoming worthless, according to The Daily Beast.

Known as LGBcoin, or LGB, the cryptocurrency has seen its value plummet dramatically to just $0, according to the latest figures from CoinMarketCap. With 330 trillion coins in circulation, the controversial memecoin first came into existence last November.

Last December, the Let's Go Brandon crypto sought to become a sponsor for Brandon Brown's Brandonbilt Motorsports, and saw its value spike from supporters of former President Donald Trump. However, The Daily Beast reports that NASCAR's intervention prevented the sponsorship deal from passing.

“They tried to monetize on a viral outbreak. Did it surprise me when something without value shot up and immediately shot down upon release? No,” lawyer David Silver told The Daily Beast.

Last month, the LGB coin had a liquidity pool of more than $6.5 million, which now stands at less than $10,000, the Daily Beast reports.

Undeterred by the dramatic losses, the team behind LGB coin has doubled down on its offering and recently Tweeted: “Sometimes you just need to have faith and [hold on for dear life].”

However, Silver pointed out that it was not likely to recoup its losses and stage a persuasive comeback: “The free market has already said this is a coin that has no value.. Simply rebranding and trying again is merely trying to take a second shot at convincing someone to give you value where no value exists.”