When President Donald Trump took office as the 47th president of the United States on Monday, con artists and opportunists were already looking to cash in on the new Trump era, including the president himself.
Just days before he took office, Trump launched a memecoin called $TRUMP to “celebrate our win and have fun,” warning that it was “not intended to be … an investment opportunity.” Trump announced the launch on X and Truth Social, with many wondering if the president’s accounts had been hacked.
However, within hours, thousands had invested in the cryptocurrency. The sale was so successful that, at billions of dollars, it accounted for almost 90 percent of Trump’s overall wealth. However, like a lot of memecoins, the $TRUMP coin’s price fluctuated wildly and dipped significantly on Sunday, with the price drop continuing into Monday.
When he was sworn in as president on Monday, the $TRUMP memecoin was worth just under $50 billion, with Trump keeping 80% of the coins. The currency, built on the Solana blockchain, allows anyone, anywhere in the world, to funnel cash directly to the President of the United States.
First Lady Melania Trump also launched her own memecoin on Sunday, and while it hasn’t reached the level of Trump’s memecoin, the $MELANIA coin was worth almost $8 billion on Monday.
The president and the first daughter were far from the only ones who took advantage of rumors about Trump’s second term, and specifically the weekend of his inauguration. Since his first term, Trump has been a magnet for all manner of scams and embezzlements, many of which have been approved through the president himself, and ranging from guitars to shoes, trading cards and coins.
Religion also on the table. Lee Greenwood, a country singer, said Sunday that Trump might use a special edition of the “God Bless The USA” Bible for his inauguration, the same Bible the singer has been promoting to Trump since last March.
The “Inauguration Day Edition of the Bible” went on sale on Greenwood’s website, along with the bright pink and camouflage versions of the Bible, for $70 last week, but by the time Trump took office on Monday, the Bible was already out of print.
A raft of other commemorative items are on sale, ranging from dozens of “Inauguration Day” T-shirts and hats being sold on platforms like Amazon and Etsy to a special “Inauguration Edition” roast from Victory Coffee. A Texas-based jeweler is even offering to gift the president an 8-carat diamond in the shape of his head in what appears to be a marketing bid.
And because Trump’s inauguration was held indoors due to the bitter cold, tens of thousands of people who had won tickets to attend the occasion were unable to use them. People have been looking to cash in on those tickets, with dozens of listings on eBay offering unused tickets for up to $200 each. The tickets were distributed free of charge through members of the House of Representatives and feature a hologram and the signature of the representative whose office issued them. Many listings have already been sold and some distributors have provided tickets.
An online express page was also created offering commemorative tickets for the inauguration, with some tickets being offered for up to $900. It is unclear exactly who this page is, however, the site ranks second in a Google search for “commemorative inauguration tickets. “
Scams and cash hoarding at Trumpworld are nothing new. Since Trump came into force in 2016, he and his sycophantic supporters have embraced a wide range of projects. With Trump’s support, many personalities have spent their entire careers on issues such as Stolen Elections or Covid Denial.
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