Dogecoin (DOGE) records dizzying performance, having even surpassed the market cap of the luxury car manufacturer Porsche. In bull there was the crypto rally of November, the influence of Elon Musk, and the announcement of the new ETP DOGE.
Dogecoin: the market cap of DOGE surpasses that of Porsche
Dogecoin (DOGE) continues to record dizzying performances despite its nature as a memecoin. In fact, the market cap of DOGE has surpassed that of the luxury car manufacturer Porsche.
At the time of writing, the market cap of DOGE is over 63 billion dollars, while that of Porsche is close to 57 billion dollars.
This overtaking between the crypto preferred by Elon Musk, CEO of Tesla, and the global giant Porsche occurred during the day of November 23. In fact, while DOGE surpassed the threshold of 60 reaching up to 69 billion dollars, Porsche recorded its first decline in years of history below this threshold.
According to what is reported, Porsche closed 2022 with a market cap of over 92 billion dollars and 2023 with over 80 billion dollars. In between, the luxury car manufacturer saw highs of 117 billion dollars in market cap in April 2023.
A completely different story from the market cap of DOGE which has seen an impressive rise even in terms of market capitalization only in this 2024. In just the last month, the market cap of DOGE has risen by 165%.
Dogecoin surpasses Porsche thanks to the crypto rally and Elon Musk
This overtaking in terms of market cap of Dogecoin over Porsche should highlight what kind of performance the memecoin is recording.
In fact, thanks to the crypto rally that began with Donald Trump’s victory in the USA presidential elections on November 5, DOGE started to rise in price.
Not only, its performance has been supported also and especially by its top influencer Elon Musk, who, with Trump as President of the USA, will become head of the D.O.G.E (Department of Government Efficiency).
Already before the presidential elections, DOGE had recorded a monthly price pump of +54% thanks to a post on X by Musk announcing D.O.G.E.
Exactly on November 5th, the day of the presidential elections, DOGE was worth $0.15.
10 days later, during the full crypto rally, Elon Musk saw the class action against him definitively closed. Musk had been accused of manipulating the DOGE market by a group of investors and, according to the final result, the class action was dismissed.
As of today, the price of DOGE is $0.42, exactly in a pump of +163% compared to 30 days ago.
The ETP dedicated to Dogecoin
The latest news regarding DOGE, which supports its continued price increase, arrived last week.
In fact, it seems that Valour, one of the main issuers of crypto funds, has announced the launch of an ETP dedicated to Dogecoin. The product is called Dogecoin (DOGE) SEK and will be traded on the Swedish stock market Spotlight, thus offering investors a more systematic way to access the token.
This ETP tracks the price of DOGE and offers direct exposure to the cryptocurrency, which has also become famous for its high transaction speed at low fees.
