Author: Zoltan Vardai, CoinTelegraph; Translated by: Tao Zhu, Jinse Finance
With Elon Musk's support and the potential launch of Meme coin exchange-traded products (ETPs), Dogecoin's market value has surpassed that of luxury car manufacturer Porsche.
As of 8:34 AM UTC on November 27, Dogecoin has risen 175% in the past month, with a market value reaching $57.8 billion, surpassing Porsche's $56.1 billion market value.
DOGE/USD 1 month chart. Source: Cointelegraph
Dogecoin is strong in momentum for 2024, partly due to billionaire Elon Musk's continued support on social media.
Musk recently participated in the creation of the newly established Department of Government Efficiency (DOGE), which aims to cut government spending and simplify regulation, further fueling interest.
Elon Musk shared an excerpt of Donald Trump's DOGE statement on X. Source: Elon Musk
Some retail investors see this as a sign of an impending Dogecoin rebound, due to the new agency using the same abbreviation as the DOGE memecoin stock code.
In the DOGE ETP filing, Dogecoin outperformed Porsche.
Dogecoin is also benefiting from other developments, including the debut of the first Dogecoin-based ETP announced by DeFi Technologies subsidiary Valour on November 26.
Johanna Belitz, Nordic Director of Valour, stated, "In light of the recent (U.S.) presidential election results, and subsequently with the support of influential figures like Elon Musk, the demand for Dogecoin has surged," as the asset management company launched Valour DOGE ETP.
Due to the increase in interest, Dogecoin's growth helped it surpass Porsche's market value over the past year—rising more than 395%, while Porsche's market value fell more than 34%.
Porsche market value. Source: CompaniesMarketCap
According to CompaniesMarketCap data, Porsche's valuation in April 2023 was $117 billion, but it has since fallen more than 56% to $56.1 billion.
Meanwhile, Dogecoin continues to benefit from the ongoing X posts by Musk.
DOGE social posts. Source: Elon Musk
Some cryptocurrency traders predict that DOGE could rise by 1,000% based on emerging technological chart patterns.
Market pattern analyst Trader Tardigrade mentioned in an X post that Dogecoin is currently repeating its historical price trajectory based on the Gaussian channel.
Weekly analysis of Dogecoin by Tardigrade. Source: X.com
The Gaussian channel is an indicator that allows traders to identify the upper and lower channel of price behavior based on asset distribution principles.
