US President-elect Donald Trump has launched his own cryptocurrency, which quickly soared in market capitalisation to several billion dollars.

His release of the meme coin, $Trump, comes as he prepares to take office on Monday as 47th president of the US.

The venture was co-ordinated by CIC Digital LLC - an affiliate of the Trump Organization - which has previously sold Trump-branded shoes and fragrances.

Meme coins are used to build popularity for a viral internet trend or movement, but they lack intrinsic value and are extremely volatile investments.

By Saturday afternoon, hours after its launch, the market capitalisation for $Trump reached nearly $5.5bn (£4.5bn), according to CoinMarketCap.com.