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Dogecoin has eclipsed Porsche’s $56.1 billion valuation, surging to $57.8 billion in market cap, powered by Elon Musk’s influence and the launch of the first DOGE-focused exchange-traded product.
Musk’s Backing Drives Dogecoin's Market Surge
Thanks to Elon Musk's endorsements and the possibility of an exchange-traded product (ETP) debut, Dogecoin's market capitalization has eclipsed that of luxury automaker Porsche.
As of 8:34 am UTC on Nov. 27, according to data from Cointelegraph, Dogecoin has surpassed Porsche's $56.1 billion market cap, thanks to a 175% increase in the past month. The current market cap is $57.8 billion.
In 2024, Dogecoin has been gaining a lot of traction, thanks in part to Elon Musk's persistent social media affirmations.
More recently, Musk was involved in the formation of the newly formed Department of Government Efficiency (DOGE), which is charged with reducing government expenditure and simplifying regulations; this has increased attention.
DOGE-Based ETP Announcement Boosts Investor Interest
Some individual investors mistook the new agency's acronym for a signal of an impending Dogecoin surge since it is the same as the DOGE memecoin ticker symbol.
Other developments have also helped Dogecoin, such as the announcement on November 26th by Valour, a DeFi Technologies subsidiary, of the first DOGE-based ETP.
Valour DOGE ETP was introduced by the asset manager "[i]n light of the recent [United States] presidential election results and the subsequent surge in demand for Dogecoin […] bolstered by influential figures like Elon Musk," according to Johanna Belitz, head of Nordics at Valour.
In the last year, Dogecoin's market value increased by more than 395% due to surging interest, whereas Porsche's market capitalization decreased by more than 34%.
Porsche Decline and Technical Patterns Signal DOGE Potential
Data from CompaniesMarketCap shows that Porsche's worth has fallen from $117 billion in April 2023 to $56.1 billion, a decrease of more than 56%.
At the same time, Musk's ongoing X postings are still helping Dogecoin.
Based on rising technical chart patterns, some crypto traders are predicting a DOGE surge of 1,000%.
In an X post, market pattern researcher Trader Tardigrade said that Dogecoin is about to follow the same historical price path as the Gaussian channel.
According to the theory of asset distribution, a Gaussian channel indicates the upper and lower price action channels. This information is useful for traders.
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