The hippest thing to wear today could be crumpled up at the bottom of your dresser: Its a scrunchie! The ruffly ponytail holders have become the punchline of a joke since their heyday in the early 1990s, but the questionable hair accessory made a big time comeback during the Olympic games. 

Team USAs gold medal gymnasts wore patriotic red ones, as they flipped and twirled to victory. So did girls from other countries like Russia, China and Italy, and all of the high profile coverage has reignited scrunchie fever for a whole new generation. Now stores, ranging from teen favorites like Forever 21 and American Apparel, to stores like Bloomingdales and even high-end designers like Marc Jacobs, are all rolling out scrunchies - for $2 on up to $30 a pop.

Gold medal gymnast Shawn Johnson explains that scrunchies remained popular with gymnasts because its a way for them to showcase their personality since the sport bans competitors from wearing nail polish and jewelry while competing. Another selling feature? You can literally do 100 backflips without one strand of hair falling out.