Dogecoin Surpasses Porsche Market Cap with DOGE ETP and Musk-Led Rally

27, according to Cointelegraph data.

The rise of Dogecoin has been quite impressive, with a 175% increase in market capitalization over the past month. This surge has propelled DOGE past luxury car maker Porsche in terms of market cap, with Dogecoin now valued at $57.8 billion compared to Porsche’s $56.1 billion as of November 27.

One of the driving forces behind this surge has been the continuous support from billionaire Elon Musk. Musk’s recent involvement in the creation of the Department of Government Efficiency (DOGE) has caught the attention of many investors. And with Musk’s track record of boosting Dogecoin with his social media posts, the excitement around the memecoin has only grown.

Additionally, the announcement of the first Dogecoin-based Exchange-Traded Product (ETP) by Valour, a subsidiary of DeFi Technologies, has further fueled the interest in Dogecoin. With the recent surge in demand for Dogecoin, coupled with Musk’s influence, Valour saw an opportunity to launch the Valour DOGE ETP.

In the midst of all this, Dogecoin’s growth has outpaced that of Porsche, with Dogecoin’s market capitalization rising over 395% in the past year, while Porsche’s market cap has dropped by over 34%. This shift in market dynamics has been quite significant, with Dogecoin now surpassing Porsche in terms of market value.

As the Dogecoin rally continues, some traders are predicting a potential 1,000% surge in Dogecoin’s price based on emerging technical chart patterns. Trader Tardigrade, a market pattern analyst, has pointed out that Dogecoin seems to be following a historical price trajectory based on the Gaussian channel indicator.

Overall, Dogecoin’s recent success has been driven by a combination of factors, including Musk’s support and the launch of the Dogecoin-based ETP. With all eyes on Dogecoin, it will be interesting to see how this memecoin continues to evolve in the coming months.