🚀 Dogecoin Surges Past Porsche: Musk’s Endorsements & ETP News Ignite Rally
Dogecoin has achieved a historic milestone, surpassing Porsche’s market cap, thanks to bullish sentiment, Elon Musk’s influence, and a newly launched exchange-traded product (ETP).
🐶 $DOGE Outpaces Porsche
🔹 Market Cap Milestone: Dogecoin’s market capitalization hit $57.8B, overtaking Porsche’s $56.1B, marking a 175% surge in the past month.
🔹 Musk’s Influence: Elon Musk continues to drive DOGE’s momentum, with social media endorsements and his role in the Department of Government Efficiency (DOGE) sparking enthusiasm.
📊 Valour DOGE ETP Debut
🔹 Asset manager Valour launched the first DOGE-based ETP on Nov. 26, attributing the move to increased post-election demand and Musk’s influence.
🔹 Johanna Belitz of Valour noted the ETP caters to the growing institutional and retail interest in Dogecoin.
📉 Porsche’s Decline vs. DOGE’s Ascent
🔹 Over the past year, Dogecoin surged 395%, while Porsche’s valuation dropped 56%, reflecting divergent fortunes in their respective markets.
🔹 Porsche was valued at $117B in April 2023 but now stands at $56.1B, according to CompaniesMarketCap.
📈 1,000% Price Increase?
🔹 Technical Momentum: Analysts like Trader Tardigrade predict a potential 1,000% rally for DOGE, citing its alignment with historical price trends based on the Gaussian channel indicator.
🔹 This indicator tracks upper and lower price channels, suggesting significant bullish potential for Dogecoin.
💬 What’s your take on Dogecoin’s rise? Is this rally sustainable, or just another memecoin bubble?
