Donald Trump's newly-created cryptocurrency soared on Monday to nearly $12 billion in market value, drawing in billions in trading volume, while bitcoin hit a record high just hours ahead of the U.S.

Despite being critical of cryptocurrency in his first term, President Trump and his family have come full circle. He is now a champion of the decentralised currency, with crypto-enthusiasts betting he will help the industry once he is in power.

Days ahead of Trump's inauguration as President of the United States, scheduled for Monday, Jan. 20, Trump launched the $TRUMP memecoin on crypto platform Solana. The President-elect posted the news from his official X account, making it as official as can be.