Donald Trump's newly created cryptocurrency soared on Monday to nearly $11 billion in market value, drawing in billions in trading volume, while bitcoin hit a record high just hours ahead of the U.S.

The price of bitcoin has surged to over $109,000 just hours ahead of President-elect Donald Trump's inauguration, as a pumped up cryptocurrency industry expects early action by him soon after he takes office.

Memecoins have long traded in crypto markets, with Dogecoin perhaps the best-known example. Launched as a joke, the crypto has exploded in popularity over the years, with its price often riding on the whims of its backers — the best known of which is Elon Musk.