Dogecoin flips Porsche market cap as DOGE ETP, Musk drives rally.

Dogecoin has surpassed the market capitalization of luxury car manufacturer Porsche, thanks to Elon Musk’s approval and the possible launch of an exchange-traded product (ETP) for Memecoin.

According to Cointelegraph data, Dogecoin (DOGE) has risen 175% over the past month to a market cap of $57.8 billion, surpassing Porsche’s market cap of $56.1 billion (as of 8:34 a.m. UTC on November 27). .

Dogecoin has gained significant momentum in 2024, thanks in part to continued social media endorsements from billionaire Elon Musk.

Musk’s recent involvement in creating the Department of Government Efficiency (DOGE), an agency aimed at cutting government spending and streamlining regulation, has sparked further interest.

Since the new agency shares the same abbreviation as the DOGE memecoin ticker symbol, some retail investors have taken it as a sign of an upcoming Dogecoin rally.

relevant: Daily active addresses are approaching 1 million as Bitcoin price chases $100,000.

Dogecoin Surpasses Porsche Amid DOGE ETP Submissions

Dogecoin has also benefited from other developments, including the debut of the first DOGE-based ETP, announced on November 26 by DeFi Technologies subsidiary Valour.

The asset manager launched the Valor DOGE ETP. “(i) Considering the results of the recent (US) presidential election and the resulting surge in demand for Dogecoin (…) strengthened by influential figures such as Elon Musk,” said Johanna Belitz, Head of Nordics at Valour. , said in a statement.

Driven by growing interest, Dogecoin’s growth has surpassed Porsche’s market capitalization over the past year, increasing by more than 395%, while Porsche’s market capitalization has decreased by more than 34%.

Porsche was valued at $117 billion in April 2023, but has since fallen more than 56% to $56.1 billion, according to CompaniesMarketCap data.

relevant: Shiba Inu whales hold 10% of SHIB’s supply, a 250,000-fold increase to $2.5 billion.

Meanwhile, Dogecoin continues to benefit from Musk’s continued X posts.

Some cryptocurrency traders predict a potential 1,000% DOGE rally based on a new technical chart pattern.

Market pattern analyst Trader Tardigrade noted in his X post that Dogecoin is currently repeating its historical price trajectory based on the Gaussian channel.

Gaussian Channel is an indicator that allows traders to identify upper and lower channels of price action based on asset distribution principles.

magazine: Making Ethereum Feel Like Ethereum Again: Foundation Rollup Explained