Ahead of his return to the White House, the United States, US President-elect Donald Trump has launched his own cryptocurrency, $Trump.

The BBC reports that the meme coin quickly soared in market capitalisation to several billion dollars hours after it was launched.

The development comes as the president-elect prepares to be sworn in as the 47th president of the US on Monday, January 20.

The venture was said to be coordinated by CIC Digital LLC, an affiliate of the Trump Organization, which previously sold Trump-branded shoes and fragrances across the US.

As of Saturday afternoon, hours after the launch, the market capitalisation for Trump reached nearly $5.5bn, or £4.5bn, according to CoinMarketCap.com.

CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware earlier this month, own 80% of the tokens. It is unclear how much money Trump might make from the venture.

“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” Trump wrote on his social media platform Truth Social as he announced the meme coin on Friday night.