Dogecoin, the alternative cryptocurrency inspired by a popular 2013 meme, has surged over the weekend and now has a market capitalization over $2 billion.
It soared above the $1 billion milestone on Christmas Day and has continued to hit new milestones. As for its price, the coin was trading at $0.018 on Sunday. Still, that’s up from $0.00000021 a coin at the beginning of December.
Founder Jackson Palmer, who created the digital currency as a joke, said new found interest in Dogecoin is a concerning 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 watcher CoinDesk.
Wall Street has been raising red-flags about a bubble in the market. In fact, UBS chief economist Paul Donovan said cryptocurrencies are in “the bubble to end all bubbles.”