š½As DOGE ETP and Musk propel the rally, Dogecoin overtakes Porsche in market capitalization. š
Thanks to Elon Musk's support and the possible introduction of an exchange-traded product for the memecoin, Dogecoin has overtaken the market capitalization of luxury car manufacturer Porsche.
As of 8:34 am UTC on Nov. 27, Dogecoin's market capitalization has increased 175% over the past month to $57.8 billion, exceeding Porsche's $56.1 billion market worth, according to Cointelegraph data.
Due in part to billionaire Elon Musk's ongoing social media support, Dogecoin has experienced tremendous growth in 2024. Interest has been further piqued by Musk's recent engagement in the establishment of the Department of Government Efficiency (DOGE), a new organization dedicated to reducing government spending and simplifying laws.