Dogecoin Overtakes Poróche's Market Cap

Dogecoin (DOGE) has surpassed the market cap of luxury carmaker Porsche, with DOGE's market cap reaching around $57.8 billion compared to Porsche's $56.1 billion on November 27, 2024. This growth is largely due to the strong backing of billionaire Elon Musk and the launch of a Dogecoin ETP (exchange-traded product) on November 26.

Dogecoin's value has increased by more than 175% over the past month, thanks to favorable market conditions following political events in the US and interest from retail investors. Meanwhile, Porsche's market cap has fallen by more than 34% from its $117 billion level in April 2023.