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."