Dogecoin has surpassed the market capitalization of luxury car manufacturer Porsche, driven by commitments from Elon Musk and the potential launch of an exchange-traded product (ETP) for this popular memecoin.
Dogecoin (DOGE) has increased by over 175% in the past month, reaching a market cap of over $57.8 billion, surpassing Porsche's market cap of $56.1 billion, according to data from TinTucBitcoin at 8:34 AM UTC on November 27.
DOGE/USD chart in 1 month. Source: TinTucBitcoin
Dogecoin has seen strong growth in 2024, partly due to the ongoing commitments from billionaire Elon Musk on social media.
The recent involvement of this billionaire in establishing the Department of Government Efficiency (DOGE), an agency aimed at cutting public spending and optimizing regulations, has further increased interest.
An excerpt from Donald Trump's DOGE announcement shared by Elon Musk on X. Source: Elon Musk
As this new agency shares the same acronym as the DOGE symbol of the memecoin, some retail investors have seen this as a sign of an upcoming Dogecoin surge.
Dogecoin outperforms Porsche as DOGE ETP filings are submitted
Dogecoin also benefits from other developments, including the launch of the first DOGE-based ETP announced by Valour, a subsidiary of DeFi Technologies, on November 26.
The asset management company has launched Valour DOGE ETP "[n]otable due to the recent presidential election results [in the USA] and the increasing demand for Dogecoin […] bolstered by influencers like Elon Musk," said Johanna Belitz, head of the Nordics division at Valour, in a statement.
Thanks to increasing interest, the development of Dogecoin has far surpassed the market capitalization of Porsche over the past year — increasing by more than 395%, while Porsche's market cap has decreased by more than 34%.
Market capitalization of Porsche. Source: CompaniesMarketCap
Porsche was valued at $117 billion in April 2023 but has since dropped by more than 56% to $56.1 billion, according to data from CompaniesMarketCap.
Meanwhile, Dogecoin continues to benefit from Musk's ongoing posts on X.
DOGE social post. Source: Elon Musk
Some cryptocurrency traders predict a potential DOGE price surge of 1,000% based on emerging technical chart patterns.
Trader Tardigrade, a market model analyst, pointed out in a post on X that Dogecoin is currently on track to repeat its historical price journey based on the Gaussian channel.
Weekly analysis of Dogecoin by Tardigrade. Source: X.com
The Gaussian channel is an indicator that helps traders identify the upper and lower channels of price action based on the principle of asset distribution.
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