Dogecoin replaces the market value of Porsche as DOGE ETP, Musk Drive Rally

Dogecoin has surpassed the market capitalization of luxury car maker Porsche, which is set to launch an exchange-traded product (ETP) for memecoin, thanks to backing from Elon Musk.

Dogecoin (DOGE) has increased 175% in the past month to a market capitalization of $57.8 billion, surpassing Porsche's $56.1 billion market cap, as of 8:34 UTC on Nov 27, 27, Cointelegraph data shows.

Dogecoin In 2024, it had a significant boost, thanks in part to social media support from billionaire Elon Musk.

Musk's recent involvement in the creation of DOGE, an agency aimed at reducing government spending and streamlining regulations, has drawn even more interest.

Since the new agency shares the same acronym as the DOGE memecoin token, some retail investors have taken this as a sign of an upcoming Dogecoin rally.

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Dogecoin is bigger than Porsche in the DOGE ETP file

Dogecoin has benefited from other developments, including the launch of the first DOGE-based ETP announced on November 26 by Valor, a subsidiary of Defi Technology.

The asset manager launched the Valor DOGE ETP[i]n recent light [United States] The results of the presidential election and the subsequent increase in demand for Dogecoin […] Backed by influential people like Elon Musk,” Johanna Belitz, head of Nordics at Valor, said in a statement.

Thanks to the growing demand, the growth of Dogecoin helped it surpass the market capitalization of Porsche last year – growing by more than 395%, while the market capitalization of Porsche decreased by more than 34%.

Porsche was valued at $117 billion in April 2023, but has since fallen more than 56 percent to $56.1 billion, according to data from Companies MarketCap.

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Meanwhile, Dogecoin continues to benefit from Musk's continued X posts.

Some crypto traders predict a possible 1,000% DOGE rally based on emerging technical chart patterns.

Trader Tardigrade, a market pattern analyst, mentioned in a X post that Dogecoin is on the way to repeat the historical price path based on the Gaussian channel.

Gaussian Channel is an indicator that allows traders to identify the upper and lower channels of price action based on the principle of asset distribution.

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