As President Donald Trump was sworn in as the 47th president of the United States on Monday, scammers and opportunists were already looking to take advantage of 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.
At the time he was sworn in as president on Monday, the $TRUMP memecoin was worth just shy of $50 billion, with Trump retaining 80 percent of the coins. The coin, which is built on the Solana blockchain, allows anyone anywhere in the world to funnel money directly to the US president.
First lady Melania Trump also introduced her own memecoin on Sunday, and while it didn’t succeed on Trump’s memecoin level, the $MELANIA coin was worth around $8 billion on Monday.
The president and first daughter weren’t the only ones who tapped into rumors surrounding Trump’s second term, and especially on his inauguration weekend. Since his first term, Trump has been a magnet for all manner of scams and embezzlements, many of which have been endorsed. through the president himself, and ranging from guitars and shoes to trading cards and coins.
Religion has also been on the table. Lee Greenwood, a country singer, said Sunday that Trump used 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 Bible” went on sale on Greenwood’s website, along with the bright pink and camouflage versions of the Bible, for $70 last week, but when Trump took office On Monday, the Bible was already out of stock.
A host of other commemorative pieces are for sale, from dozens of “Inauguration Day” t-shirts and hats sold on platforms like Amazon and Etsy to a special Victory Coffee “Inauguration Edition” roast. A Texas jeweler even offers to give the president an 8-carat diamond on his head, in what appears to be a marketing offer.
And because Trump’s inauguration was held indoors due to bitter cold, tens of thousands of people who had won tickets to attend the occasion were unable to use them. People have tried to cash out 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 workplace issued them. Many listings have already been sold, and some dealers 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 grabs at Trumpworld are nothing new. Since Trump came to power in 2016, he and his sycophantic supporters have pursued a variety of projects. With Trump’s support, many personalities have made entire careers out of issues such as the stolen election or Covid denialism.
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