The cryptocurrency Dogecoin (DOGE) has recently surpassed the market capitalization of luxury car brand Porsche, fueled by strong support from billionaire Elon Musk and the promising launch of an investment ETP (Exchange-Traded Product) dedicated to the coin.
Over the past month, Dogecoin’s market capitalization has surged by 175%, reaching $60 billion, surpassing Porsche’s $56.1 billion as of November 27. This impressive growth is largely attributed to Musk’s consistent backing on social media throughout 2024.
Adding to the excitement, Musk recently helped establish the Department of Government Efficiency (also abbreviated as DOGE), an initiative aimed at streamlining government operations and optimizing U.S. federal spending. This coincidence has been interpreted by many retail investors as a bullish signal for the cryptocurrency.
Furthermore, Dogecoin has benefited from the announcement by Valour, a subsidiary of DeFi Technologies, which launched the first-ever ETP for the cryptocurrency on November 26. Johanna Belitz, Valour’s Director for the Nordic Region, revealed that the decision was driven by a sharp rise in market demand following the U.S. presidential election and the influence of prominent figures like Musk.
Related: Key Information About the Department of Government Efficiency (DOGE)
While Porsche’s market capitalization ($56.1 billion) has declined by over 34% from its peak of $117 billion in April 2023, Dogecoin has delivered a remarkable 395% growth over the past year.
Technical analysts such as Tardigrade have even predicted that DOGE could see a 1,000% increase based on emerging chart patterns and the Gaussian channel—a tool used to identify price fluctuation ranges based on asset distribution principles.
