According to Cointelegraph, Dogecoin has recently overtaken luxury automaker Porsche in market capitalization, driven by significant endorsements from Elon Musk and the potential introduction of an exchange-traded product (ETP) for the popular meme-coin. Over the past month, Dogecoin (DOGE) has surged by more than 175%, reaching a market capitalization of over $57.8 billion, surpassing Porsche's $56.1 billion as of November 27, 2024.
The remarkable momentum of Dogecoin in 2024 can be attributed in part to ongoing social media endorsements from billionaire Elon Musk. Musk's involvement in the creation of the Department of Government Efficiency (DOGE), an agency focused on reducing government spending and streamlining regulations, has further fueled interest in cryptocurrency. The agency's acronym coincidentally matches the DOGE meme coin ticker symbol, leading some retail investors to anticipate a Dogecoin rally.
Dogecoin's performance has also been bolstered by other developments, including the announcement of the first DOGE-based ETP by Valour, a subsidiary of DeFi Technologies, on November 26. Johanna Belitz, Valour's head of Nordics, stated that the launch of the Valour DOGE ETP was prompted by the recent U.S. presidential election results and the subsequent surge in demand for Dogecoin, supported by influential figures like Elon Musk.
The growing interest in Dogecoin has resulted in its market capitalization outperforming Porsche's over the past year, with Dogecoin rising over 395% while Porsche's market capitalization declined by more than 34%. Porsche's valuation, which stood at $117 billion in April 2023, has since dropped by over 56% to $56.1 billion, according to CompaniesMarketCap data.
Meanwhile, Dogecoin continues to benefit from Musk's frequent posts on social media platform X. Some crypto traders are predicting a potential 1,000% rally for DOGE based on emerging technical chart patterns. Market pattern analyst Trader Tardigrade noted in a post on X that Dogecoin is on track to repeat its historical price trajectory, as indicated by the Gaussian channel, an indicator used to identify the upper and lower channels of price action based on asset distribution principles.
