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.

The crypto rally was bolstered by the unveiling of memecoins by Trump and his wife Melania over the weekend, which briefly disrupted the digital asset market.

In December, Trump tapped Paul Atkins to lead the Securities and Exchange Commission. Atkins, a former SEC commissioner under President George W. Bush, has worked recently on digital assets and is set to replace Gary Gensler, who is seen by many as a crypto critic.