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.' Despite the warning, thousands invested, with the sale contributing almost 90% of Trump's wealth.
At the time he was sworn in as president, the $TRUMP memecoin was worth just shy of $50 billion, with Trump retaining 80 percent of the coins, allowing anyone to funnel money directly to the US president.
First Lady Melania Trump also launched her own memecoin on Sunday, the $MELANIA coin, which was valued at almost $8 billion on Monday, indicating a new trend of political figures leveraging cryptocurrencies.
Since his first term in office, Trump has been a magnet for all types of grifts and cash grabs, including guitars, shoes, trading cards, and even special edition bibles.
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