At first, it was meant to be a joke.
But now the market capitalization of Dogecoin, a popular altcoin, has spiked to $40 billion, CNBC reports, after values skyrocketed and added $20 billion in value in just 24 hours.
The shiba inu-emblazoned token was created as a “fun” alternative to Bitcoin back in 2013. But thanks to a massive surge in interest, led by communities on Reddit — and some prominent boosterism y Elon Musk — the cryptocurrency is starting to look a lot less like a mere joke.
This morning, values of the token hit 32 cents, an all-time high. Just a week ago, the value was hovering around just six cents.
The news comes after Musk, a longtime supporter of the coin, send the value of Dogecoin soaring in February after tweeting a silly picture of a shiba on the surface of the Moon.
Musk has long joked that Dogecoin will “go to the Moon,” a reference to its soaring value.
The altcoin’s recent surge meant those who invested early made bank.
“Hey guys, I just became a Dogecoin millionaire,” one Reddit user exclaimed in a Thursday post, with a screenshot showing a balance of $1,081,441.29 in their account.
But the surge is also causing some worry among crypto experts.
“People are buying the cryptocurrency, not because they think it has any meaningful value, but because they hope others will pile in, push the price up, and then they can sell off and make a quick buck,” UK-based analyst David Kimberley told CNBC.
Kimberley also noted that “when everyone is doing this, the bubble eventually has to burst and you’re going to be left short-changed if you don’t get out in time.”
But only time will tell when — or if — Dogecoin’s bubble will pop.
READ MORE: Dogecoin spikes 400% in a week, stoking fears of a cryptocurrency bubble [CNBC]
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