Investors are piling back into some of the fringe corners of the cryptocurrency world, with the frenzy sending Dogecoin surging more than 50% again and crashing Robinhood’s trading app.

Everywhere you look, there’s a valuation lens that makes stocks look frothy. Also everywhere you look is someone saying don’t worry about it.

Reasonable people can argue about whether the broader stock market is overheating. But in certain corners of the equity universe where tiny investors dominate, it’s hard to say everything is going normally.

The megacap safety trade that has ruled stocks for months is slowly giving way to a broader embrace of risk among investors captivated by tentative signs of a turn in the economy.