It's worth noting that the definition of M1 changed in 2020, which accounts for the significant jump in that year.

Further reading: https://fredblog.stlouisfed.org/2021/01/whats-behind-the-recent-surge-in-the-m1-money-supply/

Edit: Linked article also has the complete graph going all the way to 2023, which shows that spike dropping again within one year.

TL;DR :

Another measure of the money supply adds these savings deposits and checkable money funds to M1: It’s known as, you guessed it, M2. From the graph, we see that the growth rate of M2 has remained relatively stable since May 2020. This suggests that the rapid acceleration in M1 since May 2020 is mainly from money moving out of the non-M1 components of M2 into M1, rather than reflecting any acceleration in the demand for transaction balances.

Edit: Quoted wrong paragraph(s) in TL;DR