Dogecoin has surpassed the market capitalization of luxury automaker Porsche, driven by endorsements from Elon Musk and the potential launch of an exchange-traded product (ETP) for the popular memecoin.
Dogecoin (DOGE) rose over 175% during the past month to an over $57.8 billion market capitalization, surpassing Porsche’s $56.1 billion market cap, as of 8:34 am UTC on Nov. 27, Cointelegraph data shows.
DOGE/USD 1-month chart. Source: Cointelegraph
Dogecoin has had significant momentum in 2024, partly driven by continued social media endorsements from billionaire Elon Musk.
The billionaire’s recent involvement in the creation of the Department of Government Efficiency (DOGE), an agency aimed at cutting government spending and streamlining regulations, has further stoked interest.
An excerpt from Donald Trump’s DOGE announcement shared by Elon Musk on X. Source: Elon Musk
Since the new agency shared the same acronym with the DOGE memecoin ticker symbol, some retail investors took this as a sign of an incoming Dogecoin rally.
Dogecoin outperforms Porsche amid DOGE ETP filing
Dogecoin has also benefitted from other developments, including the debut of the first DOGE-based ETP announced by Valour, a subsidiary of DeFi Technologies, on Nov. 26.
The asset manager launched Valour DOGE ETP “[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,” Johanna Belitz, Valour’s head of Nordics, said in a statement.
Thanks to the growing interest, Dogecoin’s growth has outperformed Porsche’s market capitalization over the past year — rising over 395%, while Porsche’s market capitalization fell over 34%.
Porsche market capitalization. Source: CompaniesMarketCap
Porsche was valued at $117 billion in April 2023 but has since dropped more than 56% to $56.1 billion, according to CompaniesMarketCap data.
Meanwhile, Dogecoin continues benefiting from Musk’s continued X posts.
DOGE social post. Source: Elon Musk
Some crypto traders predict a potential 1,000% DOGE rally based on emerging technical chart patterns.
Trader Tardigrade, a market pattern analyst, mentioned in an X post that Dogecoin is currently en route to repeat its historical price trajectory based on the Gaussian channel.
Dogecoin weekly analysis by Tardigrade. Source: X.com
A Gaussian channel is an indicator that allows traders to identify the upper and lower channels of price action based on the principle of asset distribution.
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