Dogecoin Surpasses Porsche in Market Capitalization Thanks to Elon Musk and ETP

Dogecoin (DOGE) has just surpassed Porsche in market capitalization, thanks to the strong support from billionaire Elon Musk and the launch of the exchange-traded product (ETP) dedicated to DOGE. As of November 27, 2024, Dogecoin's market capitalization reached over $57.8 billion, while Porsche only reached $56.1 billion. This remarkable growth occurred in the context of DOGE having increased over 175% in the past month, partly due to Musk's endorsements and continuous posts on social media.

The launch of Valour DOGE ETP has created an opportunity for investors to easily access this memecoin, further boosting interest from the investment community, especially after political events in the United States. Musk's involvement in establishing the "Government Efficiency Department" (DOGE) has also increased attention towards Dogecoin as a symbol for the cryptocurrency industry. It is predicted that Dogecoin may demonstrate further growth in the market as new emerging technical analysis models come to light.