CoinMarketCap confirms that the humorous dogecoin token is trading above $0.01 for the first time since launch, demonstrating more than 400 percent growth within the last 30 days. Dogecoin’s market capitalisation now stands at around $1bn.

However, while this signals good news for dogecoin investors, others are reportedly less than pleased with the announcement. Founder Jackson Palmer, who is no longer associated with the company, claims that rapidly increasing values place unnecessary importance on investment while overshadowing the valuable, underlying technology.

Initially introduced to the cryptocurrency market as a joke in 2013 – a tongue-in-cheek nod to the well-known meme featuring a Japanese Shiba Inu – dogecoin has surprised many, including its own developers, with its newfound success.

Dogecoin’s value largely remained stagnant between 2014 and 2017. However, during the earlier years of operation, the company publicly supported the 2014 Winter Olympics, Charity: Water, and NASCAR. Activity was quieter throughout the 2015-2016 period, with dogecoin taking a back seat to other cryptocurrencies.

Overseen by a number of volunteer developers, dogecoin’s increasing value could spark greater interest in the token, with the potential to make it one of the most valuable cryptocurrencies in the future. To date, more than 112bn dogecoin have been mined.