$DOGE
Supported by Elon Musk and potentially driven by the launch of exchange-traded products (ETP), Dogecoin's market capitalization has surpassed that of the car manufacturer Porsche. As of November 27, 2024, 8:34 AM (UTC), Dogecoin's market cap has increased by over 175% in the past month, reaching over $57.8 billion, surpassing Porsche's market cap of $56.1 billion.
Dogecoin has risen over 395% in the past year, while Porsche's market cap has declined by over 34% during the same period.
The rapid rise of Dogecoin's market cap is primarily attributed to the ongoing support from billionaire Elon Musk. Musk's influence on the trajectory of DOGE is the cornerstone of its appeal, especially his role in the creation of the Department of Government Efficiency (DOGE) in the United States. Additionally, Valour, a subsidiary of DeFi Technologies, launched the first exchange-traded product (ETP) based on Dogecoin on November 26, 2024, which has further expanded institutional interest.
