Much wow.

Dogecoin, the cryptocurrency based on an internet meme of a Shiba Inu dog, almost doubled in value over the weekend, bringing its market capitalisation to more than $2bn on Sunday.

Launched as a joke digital currency in late 2013 by self-described “data geek” Jackson Palmer, Dogecoin describes itself as the “fun and friendly internet currency”.

The digital currency’s recent gains suggest it has been caught up in the recent investor frenzy for cryptocurrencies such as Bitcoin.

One unit of Dogecoin hit a high of $0.018773 on Sunday, giving it a market cap of $2.12bn, according to Coinmarketcap.com. It was trading at $0.017632 on Monday. In comparison, Bitcoin, the largest cryptocurrency, has market cap of $272bn.

Dogecoin, which was trading at $0.002772 on December 9, surpassed $1bn in market cap on Christmas Day.

The cryptocurrency is now in the top 30 most-valuable digital currencies by market capitalisation, according to Coinmarketcap.com.

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