Dogecoin, which started as a cyptocurrency parody, is now worth more than $1 billion as of Friday, according to CNBC.
Dogecoin's current market value was listed at $1.17 billion early Friday, the network said. The virtual coin jumped more than 400 percent and briefly topped $0.0107 in late December.
The cyptocurrency is an example of an altcoin, which are peer-to-peer digital tokens that are descendants from Bitcoin, CNBC said.
Bitcoin is a virtual currency created in 2009 meant to be traded anonymously and without the need of banks, according to CNN Money.
Dogecoin was created in 2013 after its mascot, a Japanese shiba inu dog, was popularized by an Internet meme in 2010, CNBC wrote. Dogecoin creators positioned the virtual token as "the Internet currency" that can allow users to easily send money online, CNBC stated.
The virtual currency can be purchased online and mined.
Jackson Palmer, the founder of Dogecoin who left its team in 2015, told CoinDesk.com that while more than $101 million in trading volume was seen in a 24-hour period this week, he was worried that it was more evidence of market excess.
"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]," Palmer told CoinDesk.com.
Dogecoin developer Patrick Lodder said he believes the cyptocurrency's success opens the door for others, according to CoinDesk.com.
"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," Lodder told CoinDesk.com.
Max Keller, another Dogecoin developer, told CoinDesk.com he was excited about the rise.
"It's a little scary when you work on software that powers a billion dollar network," Keller told CoinDesk.com. "This is quite the responsibility and also one of the main reasons why we are so reluctant to just slap any 'innovative' tech into the reference client. Still, I am proud of what we achieved and thankful to be part of such a great community."
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