A cryptocurrency formed as a joke is now worth more than $1B

Dogecoin, a cryptocurrency named after an internet meme, created as a parody, has reached a market value of more than $1B.

Yep. The company with the Shiba Inu-themed mascot, which reportedly hasn’t released a software update in over 2 years, is on fire: last month the coin jumped more than 400%.

This marks yet another sign that “altcoins” like ethereum, ripple, and dogecoin are turning a corner, catching up to the coin king currently on the crypto throne: bitcoin.

But… Dogecoin’s recent spike has its founder worried

Originally created in 2013 to mock the growing crypto craze, dogecoin shot to fame a year later after a slew of viral hits (like successfully sponsoring a Nascar team at Talladega) but has since faded back into obscurity — until now.

And while most of the company’s workforce seems thrilled about the spike, dogecoin’s founder Jackson Palmer believes this may be a troubling sign of broader market excess.

He’s been sounding the alarm for a while

Like any new craze involving big money, crypto has become vastly polarizing on both sides of the virtual coin.

Many old school traders are scoffing at the mania, while the new guard is all in, as if to fill the void in their Beanie Baby-shaped hearts.

At first an enabler, Jackson Palmer has recently been one of the loudest voices against crypto, warning of an impending market crash.