Dogecoin, the alternative cryptocurrency, at one time synonymous with silly dog photos, surged in value over the weekend and now has a market capitalization over $2bn.
The crypto rose above the $1bn mark for the first time on Christmas Day and continued to climb thereafter.
As for its price, the coin was trading at $0.018 at the start of this week - up 800% from $0.002 a coin at the beginning of December.
Founder Jackson Palmer, who created the digital currency largely as a joke, warned that the increased interest in Dogecoin was a further indicator of wide-spread frothiness in the cryptocurrency market.
"I have a lot of faith in the Dogecoin Core development team to keep the software stable and secure, but I think it says a lot about the state of the cryptocurrency space in general that a currency with a dog on it which hasn't released a software update in over 2 years has a $1B+ market cap," Palmer told cryptocurrency news site CoinDesk.
Wall Street and the City have been raising red-flags about a bubble in the market for some time now. In fact, UBS chief economist Paul Donovan said cryptocurrencies are in "the bubble to end all bubbles."
"A twenty-fold increase in bitcoin prices in just two years, and an absence of any fundamental economic backing, cryptocurrency prices are almost certainly a bubble," Donovan wrote in an October memo.
Many City watchers have warned that cryptos are now purely for speculators and that the clever money has already been made.
But even if cryptos prove to be a bubble, investors are continuing to see values rise. Over the last seven days, the largest of the cryptos, Bitcoin has seen its value rise 17.4% while Ethereum and Ripple have risen 59.6% and 18% respectively. Dogecoin has seen its value jump just over 99% over the same period
The name of the coin relates to the popular internet meme known as Doge, which became popular in 2013 and features the face of a dog with comic text in the background.