Dogecoin - the cryptocurrency that was created as a parody and named after an Internet meme now has a market value of more than $1 billion, CNBC reported.
Over the past month the cryptocurrency's price has increased more than 400 percent, setting a new all-time high above $0.01.
Data from CoinMarketCap shows that Dogecoin - with a current market value of about $1.22 billion — trades at $0.010840 per token.
The creator of the project is worried, however, that this is a sign of market excess, according to CoinDesk.
"The fact that most conversations happening in the media and between peers focus on the investment potential is worrying, as it draws attention away from the underlying technology and goals this movement was based on," said Jackson Palmer, the founder of the cryptocurrency who left the team in 2015.
He believes that the Dogecoin Core development team will keep the software stable and secure.
Current Dogecoin developers are equally surprised by the momentum.
"To me, this proves that we don't need shiny features or a ton of innovation and even with a conservative – and in my own case completely distracted – development team for a boom," said developer Patrick Lodder.
Max Keller, another Dogecoin developer, echoed that sentiment, saying, "It's a little scary when you work on software that powers a billion dollar network. Still, I am proud of what we achieved and thankful to be part of such a great community."