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NEWTON, IOWA – JUNE 16: Brandon Brown, driver of the #86 Vero True Social Chevrolet, watches qualifying for the NASCAR Xfinity Series CircuitCity.com 250 Presented by Tamron at Iowa Speedway on June 16, 2019 in Newton, Iowa. (Photo by Matt Sullivan/Getty Images)
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NEWTON, IOWA – JUNE 16: Brandon Brown, driver of the #86 Vero True Social Chevrolet, watches qualifying for the NASCAR Xfinity Series CircuitCity.com 250 Presented by Tamron at Iowa Speedway on June 16, 2019 in Newton, Iowa. (Photo by Matt Sullivan/Getty Images)
The way economics works is very similar to the functioning of life. When something is in demand, it’s popular – the price of the commodity or the person goes up. However, when something is under scrutiny, the price goes down. This is something LGBCoin, a crypto meme coin that was unveiled as the primary sponsor of NASCAR driver Brandon Brown has experienced, in both cases.
Watch What’s Trending Now!
For those who are not aware, LGB in the LGBCoin is an acronym for “Let’s go Brandon,” the viral and controversial political chant which Brown found himself at the end of, in Talladega for no reason.
Not only did Brown’s Talladega win get overshadowed by this chant, but it seemed like his entire personality was only known by this, and not by who he truly is. So the Xfinity Series driver did the next best thing, which was to embrace this criticism by partnering up with LGBCoin.
I’m excited to welcome @LGBcoin_io aboard my No. 68 Chevrolet Camaro as our 2022 NASCAR Xfinity Series full season primary partner!
Press release: https://t.co/yWfkonk8vO pic.twitter.com/s8PkfCtnVD
— Brandon Brown (@brandonbrown_68) December 30, 2021
As one can imagine, the new sponsor went immediately viral and many praised Brown for doing so. Naturally, by the simple rules of economics, the value of LGBCoin shot up.
On December 30th, the coin was trading at $0.00000099 and it reached a high of $0.00000179 on January 1st.
However, then it began to slump.
NASCAR says ‘no’ to Brandon Brown
The thing is when the sponsor was publicly announced, reportedly Brown and his team skipped past an important deal-breaking hurdle. This involved taking approval for a sponsor from NASCAR.
Although Brown and his team claim they took an approval, NASCAR didn’t agree. So there was speculation that this sponsorship might not last for long.
Again, by the simple rules of economics, the price of LGBCoin began falling down. From $0.00000179 on January 1st, it fell down to $0.00000115 on January 3rd.
What about the speculation regarding NASCAR disallowing the new sponsor? They did do that on January 4th, telling Brown his new sponsor is a ‘no-go’.
However, as traders must’ve assumed, and as one investor of LGBCoin suggested, they’re not letting this go as easily as one might think.
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INDIANAPOLIS, INDIANA – AUGUST 14: Brandon Brown, driver of the #68 BMS Chevrolet Chevrolet, waits in the garage area during qualifying for the NASCAR Xfinity Series Pennzoil 150 at the Brickyard at Indianapolis Motor Speedway on August 14, 2021 in Indianapolis, Indiana. (Photo by Sean Gardner/Getty Images)
The larger picture looks good for LGBCoin. According to Coinbase, “The price of Let’s Go Brandon has risen by 22.26% in the past 7 days. The current price is $0.000001 per LGB. The new price represents a new all-time high of $0.000001.”
Anyway, let’s see where Brandon Brown, NASCAR, and the value of LGBCoin go from here.
Also Read: Brandon Brown Kindles His Patriotic Spirit With Fresh Statement
